Ashok Leyland extends fall on volume growth concerns; stock ends 10% lower

Shares of Ashok Leyland have declined nearly 10% to Rs 133.75, extending their 4% fall on the BSE on Friday, on concerns of truck volume growth in current fiscal on account of a partial overloading ban relaxation in Uttar Pradesh (UP) from last month.

In the past two weeks, Ashok Leyland has underperformed the market by falling over 18% as compared to 1.2% decline in the S&P BSE Sensex. The stock hit a record high of Rs 168 on May 8, 2018 in intra-day trade.

“UP had seen a phenomenal growth of around 80% in 9MFY18 (Q4FY18 state-wise