Ashok Leyland stock falls 2% on weak June auto sales

Ashok Leyland | CMP: Rs XXX | Shares of the auto major fell almost 2 percent on July 1 after it reported lower-than-expected June auto sales. The commercial vehicle (CV)-maker’s total sales in June this year came in at 14,940 units, 2 percent lower compared to the June 2023 numbers.

Shares of Ashok Leyland fell almost 2 percent on July 1 after the automaker reported lower-than-expected June auto sales.

The stock was trading at Rs 237.5, down 1.81 percent on NSE at 15:00 pm.

The commercial vehicle (CV)-maker’s total sales in June this year came in at 14,940 units, which was 2 percent lower compared to the June 2023 numbers at 15,221, the firm said in an exchange filing on July 1.

The firm’s total medium and heavy commercial vehicles (M&HCV) sales saw a decline of 4 percent, down from 9,962 units in June 23 to 9,519 in June 2024. Under this segment, the sale of trucks saw 7 percent dip. However, sales in the automaker’s bus segment saw a healthy jump of 8 percent.

The light commercial vehicles segment also posted a 3 percent jump in sales.

In May, the company's net profit rose 16.73 percent to Rs 933.69 crore during the last quarter of the financial year 2023-24 due to strong demand for its products, both in the light and medium commercial vehicle (L&MCV) segments. The Chennai-based automaker’s profit after tax (PAT) during Q4FY23 stood at Rs 800 crore.