Ashok Leyland is down as more bad news came in. Though we know that the auto sector is in a very bad shape, somehow more bad news does spoil the mood further; we have not yet reached the stage of having fully discounting all the distress in the sector.
The stock price touched an intraday low of Rs.62, going down 3% on news that it will now have non-working through its five plants this month on account of weak demand.
The company said that demand continued to be weak and looking at that, to prevent inventory pileups, it said that its Ennore plant will have 16 non-working days, Hosur 1, 2 and CPPS five days, Alwar and Bhandara 10 days and Pantnagar will have 18 non-working days.
The company, in August reported a 47% (YoY) decline in CV sales.