Ashok Leyland puts on brakes

Ashok Leyland, for the month of November, reported a 9% (YoY) drop in volume of commercial vehicles, coming in much below most analyst expectations.

Medium & Heavy Commercial Vehicles sales, its main breadwinner, contributing 66% to total sales reported a 18% drop in Nov sales.

LCV was the only segment which reported a rise – showing a 15% increase.

The market did not take this too well and the stock price fell over 5% to Rs.106.60 and it figures among the top five losers on the BSE.