Ashok Leyland shares tank 10.5% after resignation of CEO, MD

Shares of Ashok Leyland Wednesday tumbled 10.5 per cent after the company announced resignation of its CEO and MD Vinod K Dasari with effect from March 31, 2019.

The stock tumbled 10.46 per cent to end at Rs 106.60 on BSE. Intra-day, it dropped 11.12 per cent to Rs 105.80.

On NSE, shares of the company plummeted 10.42 per cent to close at Rs 106.60.

The company's market valuation also declined by Rs 3,654.28 crore to Rs 31,292.72 crore on BSE.

On the equity volume front, 83.53 lakh shares of the company were traded on BSE and more than 9 crore shares changed hands at on during the day.

"After a successful stint of almost 14 years with Ashok Leyland, first as a Chief Operating Officer (COO) and then as CEO and MD, Vinod K Dasari has decided to pursue his personal interests and seek new learning. Respecting his personal decision, the board in its meeting accepted his resignation," Ashok Leyland had said.

Ashok Leyland Tuesday reported 37.49 per cent jump in standalone net profit at Rs 459.57 crore for the September quarter fuelled by higher revenue.

The company had posted a net profit of Rs 334.25 crore during the same period of the previous fiscal, Ashok Leyland said in a stock exchange filing.