CLSA on Maruti SELL TP Rs6440 from Rs6420 Cost control led to positive surprise Positive surprise led by lower impact from RM costs Near-term volume trajectory will improve sequentially due to its pending order-book and chip shortages easing Maruti to lose 200bps of market share in the domestic PV industry due to lower market share in the SUV segment Recent headwinds in the form of tighter safety norms could also hurt Maruti’s market share in 2HFY23/FY24 4.5K views14:54