Ashok Leyland shares pare early losses; up 3.5 pc higher at close

Paring all its initial losses, shares of Ashok Leyland on Monday closed the day 3.5 percent higher on value buying. The scrip which tanked 7 percent to Rs 71.20 during the day, later bounced back and closed with a gain of 3.46 percent at Rs 79.25 on the BSE.

On the NSE, it rose 3.46 percent to close at Rs 79.20 after falling 7.25 percent to Rs 71 in intra-day trade. In terms of the traded volume, 28.78 lakh shares of the company were traded on the BSE and 7.46 crore units on the NSE during the day.

Ashok Leyland on Friday reported a 92.61 percent decline in net profit at Rs 39 crore for the second quarter ended September 30. The company had clocked a profit of Rs 528 crore in July-September, 2018-19.

Revenue stood at Rs 3,929 crore for the second quarter, down 48 percent as compared with Rs 7,621 crore in the year-ago period, Ashok Leyland said in a regulatory filing. "The industry has witnessed a 53 percent decline in volumes. Volumes for Ashok Leyland also witnessed a significant drop in this quarter, despite this, we have been able to achieve an EBITDA (earnings before interest, tax, depreciation, and amortization) of 5.8 percent," Ashok Leyland Chairman Dheeraj G Hinduja said.