Ashok Leyland slumps after promoter pledges shares

The company made the announcement after market hours on Monday, 15 July 2013.

Meanwhile, the S&P BSE Sensex was down 240.43 points, or 1.20%, to 19,794.05.

On BSE, 9.59 lakh shares were traded in the counter as against an average daily volume of 4.21 lakh shares in the past one quarter.

The stock hit a high of Rs 17.30 and a low of Rs 16.20 so far during the day. The stock had hit a 52-week high of Rs 28.70 on 3 December 2012. The stock had hit a 52-week low of Rs 16.20 on 16 July 2013.

The stock had underperformed the market over the past one month till 15 July 2013, sliding 22.10% compared with the Sensex's 4.47% rise. The scrip had underperformed the market in past one quarter, falling 20.86% as against Sensex's 9.13% rise.

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

Ashok Leyland said its promoter, Hinduja Automotive, pledged 23.70 crore shares, or 17.47% of the total promoter holding, in the company.

The promoter entity holds 135 crore shares in Ashok Leyland, of which 47.41 crore shares, or 34.95%, have been pledged.

Promoter of Ashok Leyland has pledged 17.82% of the company's total equity shares, according to a BSE notification.

Ashok Leyland will unveil its Q1 June 2013 results today, 16 July 2013. The company's net profit fell 42% to Rs 150.03 crore on 14.2% decline in net sales to Rs 3648.41 crore in Q4 March 2013 over Q4 March 2012.

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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