Ashok Leyland skids after dull Q3 show

DALAL STREET SPIKES

Ashok Leyland slid from its day's high of Rs 274 to close at Rs 260 as the company's third quarter results failed enthuse the markets.

The scrip lost over one per cent form its previous day's close of Rs 263.40 with 3.95 lakh shares traded at the BSE.

According to market sources, the Q3 results were below expectations which lead to aggressive selling at this counter in the late afternoon trade.

The company registered a net profit of Rs 37.98 crore for the third quarter ended December 31, 2003 a rise of 63 per cent compared to Rs 23.28 crore in the same quarter last year.

As on September 30, 2003 the promoters held 50.94 per cent stake in Ashok Leyland, while institutions, foreign bodies and the public held 26.52 per cent, 10.64 per cent and 10.06 per cent, respectively.