Ashok Leyland drops after weak October sales

Ashok Leyland lost 1.39% to Rs 17.80 at 9:17 IST on BSE after total sales declined 15% to 6,803 units in October 2013 over October 2012.

The company announced the sales numbers on Monday, 4 November 2013. The stock market was closed on that day on account of Diwali-Balipratipada.

Meanwhile, the S&P BSE Sensex was down 92.66 points or 0.44% at 21,146.70.

On BSE, 23,000 shares were traded in the counter as against average daily volume of 24.31 lakh shares in the past one quarter.

The stock hit a high of Rs 18.10 and a low of Rs 17.80 so far during the day. The stock had hit a 52-week low of Rs 11.82 on 29 August 2013. The stock had hit a 52-week high of Rs 28.70 on 3 December 2012.

The stock had outperformed the market over the past one month till 3 November 2013, surging 19.93% compared with the Sensex's 6.72% rise. The scrip had also outperformed the market in past one quarter, jumping 41.35% as against Sensex's 10.83% rise.

The mid-cap company has equity capital of Rs 266.07 crore. Face value per share is Re 1.

Ashok Leyland's medium and heavy commercial vehicle sales declined 18% to 4,093 units in October 2013 over October 2012. Sales of light commercial vehicles including DOST and STILE fell 11% to 2,710 units in October 2013 over October 2012.

Ashok Leyland reported a net loss of Rs 141.75 crore in Q1 June 2013, as against net profit of Rs 66.94 crore in Q1 June 2012. Net sales declined 21.9% to Rs 2313.21 crore in Q1 June 2013 over Q1 June 2012. The company unveils Q2 September 2013 results on 6 November 2013.

Ashok Leyland, the flagship of the Hinduja Group, is the second largest maker of commercial vehicles in India after Tata Motors.

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