Shares of Maruti Suzuki India ended down 2.2% at ₹6,991.90. Kotak Institutional Equities said it remains concerned about market share loss in the sports utility vehicle segment, raw material headwinds and expensive valuation. Investec said a normalising demand environment post Covid-19 could be further detrimental to Maruti Suzuki’s market share as the benefit of stronger rural growth and wider presence in the entry segment fades with urban recovery. “Valuation at 33 times FY23 estimated EPS versus five-year average of 27 times is not comforting, especially when there is no visibility on the reversal of market share loss,” said Investec. Read More News on