Exit Ashok Leyland: Jagannadham Thununguntla

Jagannadham Thununguntla of SMC Global Securities Limited told CNBC-TV18, “It definitely does not make sense to hold Ashok Leyland. I don’t see much upside. That stock is in a very sluggish mode, not much momentum and even on performance wise the automobile companies are finding it very difficult to make any significant outperformance on the ground. Just like stocks like Mahindra and Mahindra and Maruti Suzuki are growing for different reasons. Being largecap companies, part of Nifty and Nifty is in a momentum but Ashok Leyland is not getting the advantage of that largecap automobile momentum as well. All in all it definitely makes sense to exit Ashok Leyland right away."