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HONG KONG (MarketWatch) -- India's Maruti Suzuki on Friday reported an unexpected 18% drop in fiscal fourth-quarter profit as a steep increase in raw material costs more than offset a decline in taxes and depreciation. Net income for the January-March period dropped to 2.43 billion rupees ($48 million) from 2.98 billion rupees. The profit reported was way below the 3.70 billion rupee estimate by analysts in a FactSet Research survey. Maruti shares gave up early gains and were recently down 0.6% in late Mumbai trading.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit for more information on this news.

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