Ashok Leyland skids after announcing non-working days in Nov

Ashok Leyland fell 1.19% to Rs 75 after the company said it proposes to observe non-working days ranging from 0-12 days in November 2019 to align production in line with the market demand.

The announcement was made after market hours on Friday, 1 November 2019.

Shares of Ashok Leyland slipped 5.42% in four trading sessions to its current market price of Rs 75 from a recent closing high of Rs 79.30 on 29 October 2019.

Meanwhile, S&P BSE Sensex was soared 161.76 points or 0.40% at 40,326.79. The S&P BSE Auto index is currently down by 0.15% at 18,775.90.

Ashok Leyland reported a 35% fall in total vehicle sales to 9857 units in October 2019 as against 15149 units in October 2018. Total medium and heavy commercial vehicles (M&HCV) sales declined 48% to 5126 units in October 2019 over October 2018. Total domestic sales fell 37% to 9074 units while the domestic M&HCV sales declined 50% to 4,565 units in October 2019 over October 2018.

Sequentially, auto sales jumped 12.27% to 9,857 in October 2019 from 8,780 units in September 2019.

Ashok Leyland will announce its Q2 2019 result on 8 November 2019. On a consolidated basis, net profit declined by 40.6% to Rs 248.84 crore on a 7.5% reduction in net sales to Rs 6514.73 crore in Q1 June 2019 over Q1 June 2018.

Ashok Leyland, flagship of the Hinduja group, is the 2nd largest manufacturer of commercial vehicles in India, the 4th largest manufacturer of buses in the world, and the 10th largest manufacturers of trucks.

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