Ashok Leyland shares tank 5% over production halt

Mumbai: Commercial vehicle major Ashok Leyland's shares on the BSE fell over 5 per cent on Monday over production halt for up to 15 days. The company shares at noon was trading 5.80 per cent lower at Rs 64.15 per share.

In an exchange filing, the companies informed that in order to "align our production in line with our sales, the company's plants at various locations will be observing non-working days ranging from 2-15 days, during the month of October 2019".

Earlier too, Ashok Leyland had announced 16 non-working days for its facility in Ennore, five days at Hosur, Tamil Nadu unit, 10 days each in Alwar, Rajasthan and Bhandara, Maharashtra unit and 18 days in Pantnagar, Uttarakhand facilities.

Auto companies across the board are resorting to production and job cuts amid a massive showdown resulting in the vehicle sales to fall to historic lows. India's passenger vehicle's August sales were the lowest in 2 decades.

Society of Indian Automobile Manufacturers (SIAM) data showed passenger vehicle sales decreased for the 10th straight month in August by 31.57 per cent, which was the sharpest fall seen since SIAM started recording data in 1997-98.

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