Ashok Leyland shares fall 1.6% ; NIFTY Auto among top losers

According to NSE, Ashok Leyland's total market capitalisation stood at ₹64,701.24 crores as of October 17, 2024.

Bajaj Auto's post-Q2 results commentary dampened investor sentiments for all major participants in the industry; this resulted in a nearly 12% fall in Bajaj Auto and a nearly 4% to 5% fall among other industry peers. Ashok Leyland, one of India's leading commercial vehicle manufacturers, could see an impact on sales in coming quarters despite the festival demand.

For the April-June period, the automotive manufacturer reported a 6% year-on-year (YoY) fall in its consolidated net profit to ₹509 crore. The company posted a net profit of ₹544 crore in the corresponding quarter of the previous fiscal.

The company's total income increased to ₹10,754 crore in the first quarter against ₹9,735 crore registered in the year-ago period, PTI reported. Ashok Leyland has reported a 7% decline in total sales at 14,463 units in August 2024 as compared to 15,576 units in the same month last year. Domestic sales were down 8% at 13,347 units against 14,545 units in August 2023.

Ashok Leyland, the Hinduja Group's flagship company in India, manufactures commercial vehicles and related components. The company’s products include buses, trucks, engines, defence, and special vehicles.