Maruti Suzuki second-quarter profit tumbles 37% on-year

-- Maruti Suzuki India said Friday its fiscal second-quarter net income dropped 37% from the year-ago period due to an increase in raw material costs and higher depreciation charges. The company, India's largest car maker by market share, said net profit dropped to 2.96 billion rupees ($60 million), although sales revenue grew 6.1% during the quarter. Analysts polled by FactSet estimated a profit of 3.77 billion rupees. Maruti shares tumbled 12.7% in Mumbai afternoon trading. End of Story