Ashok Leyland holds its steed

Ashok Leyland was expected to have tanked big time today morning on the back of its weak sales for May’14 but it seems to have held its steed. The stock remains firms at Rs.32 levels, the level it closed yesterday, down less than 1%.

The stock is in the limelight after the company yesterday reported a 9% (YoY) fall in total sales in May’14, selling 6632 units. For the period April-May 2014, total sales declined by 15% to 12,529 units. Sales of MCV and HCV fell to 4,884 units from 4,932 units though LCVs saw a higher 25% fall in May.