As per a BSE filing, LIC, which held 5.16 per cent stake in Ashok Leyland earlier, brought down the shareholding in the company to 3.11 per cent.
LIC sold the stake between October 16, 2015, and March 1, 2018.
Last week, Ashok Leyland reported 29 per cent increase in its total sales at 18,181 units in February 2018. The company had sold 14,067 units during the same month of the previous year.
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