Ashok Leyland skids after weak October sales

Shares of Ashok Leyland were down 1.24% at Rs 75.75 after the company 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.

Meanwhile, the S&P BSE Sensex was trading 0.13% lower at 40,076.60. The S&P BSE Auto index was trading 0.8% lower at 18,794.94.

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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