Mutual fund managers since April last year have sold around 3.6 million shares, worth nearly Rs 30 billion, of India’s largest car manufacturer Maruti Suzuki.They plan to continue to prune its holdings as valuations appear stretched after the last year’s stellar rally.In 2017, shares of Maruti Suzuki jumped 83 per cent, even as the benchmark Sensex gained 28 per cent.“There is nothing wrong with the company. The recent selling (of Maruti Suzuki's shares) should not be seen in this light. It's a market leader in automobiles and is even today among the top holdings in portfolios. But, the problem is stretched valuations. I doubt it will sustain in case liquidity dries out,” said a top chief investment officer (CIO).
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