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Maruti Suzuki shares fell as much as 4.39 per cent and hit its lowest level since January 21.
Net profit in the quarter ended December 31, 2015, rose 27 per cent to Rs 1,019 crore but missed analysts' bullish estimate of Rs 1,296 crore, according to Thomson Reuters data
Net sales were up 20 per cent at Rs 14,768 crore.
Goldman Sachs has cut target price to Rs 4,658 from Rs 4,974 and maintained a "buy" recommendation.
At 10.40 am, Maruti shares trimmed their losses to trade 2.19 per cent or Rs 89.50 lower at Rs 4,004.05 on the BSE.
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