Shares of Maruti Suzuki plunged on Wednesday after the company received a Rs 2160 crore notice for unpaid dues from the Income Tax (IT) department on October 3. 

Maruti Suzuki shares slid nearly 2.4% during the early trading hours to hit an intraday low of Rs 10,095. At 12:30 pm, the scrip was trading at Rs 10,151.90, down 1.88% from the previous close on the National Stock Exchange (NSE). 

In an exchange filing on Tuesday, the country’s largest automaker informed that it had received a Draft Assessment Order amounting to Rs 2,159.7 crore from the IT authority regarding the income disclosed by the company in its Income Tax return for the financial year 2019-20.

The company added in the filing that it plans to present its objections to the Dispute Resolution Panel. It assured the exchanges and the shareholders that this draft assessment order would not impact its financial, operation or other activities.

Maruti Suzuki also received a show-cause notice from the GST Authority on September 30 demanding Rs 139.3 crore for interest and penalty for the period from July 2017 to August 2022.

In September 2023, Maruti Suzuki reported its highest-ever monthly sales numbers of 181,343 vehicles, up 2.8% year-on-year (YoY) from 176,306 units.