Hold Atul Auto, says Ashu Madan

Ashu Madan of Religare Securities told CNBC-TV18, "Last couple of years Atul Auto has underperformed. It is a niche player in industry and so it has underperformed since quite long. One point of time it used to be the darling of the exchanges, having said that I would still say that it will take sometime. Obviously to add on to their miseries demonetisation will also affect the performance of the company, so it will take some more time.""I still feel that it has the potential to go up and one should hold for medium to long-term perspective. Immediately, short-term I don’t think so there is any exit available or probably where will be a major spike, but still I am somehow convinced that over a period of medium to long-term this stock will perform well. So, if somebody has that kind of a vision or view so must hold it," he added.