Games fund managers play in Maruti

At the wedding reception of the daughter of a leading stockbroker, a few fund managers were trying their best to convince analysts to go hammer and tongs against Maruti.

Since early March when the rift between the Maruti management and non-promoter shareholders first drew media attention, the stock price has climbed 18 per cent to Rs 1,868, from Rs 1,580. However, none of the large shareholders have sold a single share.

While it’s a widely shared perception that the Suzuki proposal is a raw deal for minority shareholders, one wonders whether a few of them are sensing this as an opportunity to push the company to dip into its cash reserve of more than Rs 3,500 crore to come out with a buyback offer.