Stay away from Ashok Leyland: Murlidharan

Manoj Murlidharan Vayalar Associate VP-Derivatives, IIFL PReMIA is of the view that one should stay away from Ashok Leyland.

Murlidharan told CNBC-TV18, “Ashok Leyland was the top pick I had in automobiles, but the thing here is we are seeing some cash based distribution happening. I feel Tata Motors DVR and Tata Motors are the two scrips where this money might be flowing in. Needless to know obviously I do not think there is any arbitrage going on in this, but still what I feel Ashok Leyland we should be waiting, because the cash distribution has just started. So we will never know what the fall can be. Though on the derivatives side we are not really seeing much of a shorts saying that it can tank another 10-12% odd but till the time we are not seeing an accumulation I would say stay away from Ashok Leyland shift the focus to Tata Motors or the DVR.”