Ashok Leyland share price fell in early trade today after the firm said its plant situated at Pantnagar will remain closed from June 24, 2019 to June 29, 2019.
Ashok Leyland share price fell up to 3% to 80.30 compared to the previous close of 82.85 on BSE. Ashok Leyland share price has lost 39.52% during the last one year and fallen 19.26% since the beginning of this year.
20 of 42 brokerages rate the Ashok Leyland share "buy" or 'outperform', 12 "hold", three "underperform" and seven "sell", according to analysts' recommendations tracked by Reuters.
Ashok Leyland share price was trading below its 50-day and 200 day moving average of 88.14 and 91.10 levels, respectively. Its market capitalisation stood at Rs 24,364 crore on BSE. 4.40 lakh shares changed hands in transactions worth Rs 3.60 crore on BSE.
In a filing, the firm said, "As part of the company's strategy to align with the production and sales requirements, we would like to bring to your kind attention that the company's plant situated at Pantnagar will remain closed from June 24, 2019 to June 29, 2019 (both days inclusive). The company does not expect any material impact on the same."
Ashok Leyland Limited is a holding company.
The company is engaged in commercial vehicles and related components. Through its subsidiaries, it is engaged in manufacturing and trading in Medium and Heavy Commercial Vehicle, Light Commercial Vehicles, Passenger vehicles, automotive aggregates, vehicle financing and engineering design services.
The firm has operations in India, Sri Lanka, Bangladesh, Mauritius, the Middle East and Africa.
Edited by Aseem Thapliyal