Our dealer checks indicate that Maruti Suzuki (MSIL) was able to lower inventory to normal levels after a weak festive season via higher discounting. With feeble consumer sentiment, near-term demand may be subdued, leading us to lower volume estimates. While we expect MSIL to retain its dominance in PVs led by a robust product slate and launches, we cut overall volume estimates by 4-6% and EPS by 5-8% for FY19-FY21 given the weak demand...