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Chennai, Nov. 6 Ashok Leyland today announced that its manufacturing plants would work only three days a week until December.

In a press release, the company has said, “taking into account the inventory in pipeline and the suppressed market demand, Ashok Leyland has decided to moderate the production plan for the next two months.”

It has further said that this decision has also been “partially influenced by the problems encountered by the suppliers as a result of power shortage in some parts of the country.”

Meanwhile, Ashok Leyland today announced sales of 3,397 vehicles for the month of October, which was less than half of the 6,825 vehicles it sold in the same month of last year.

Its medium and heavy commercial vehicle sales were down 53 per cent to 2,948 units from 6,229 units in October 2007.

Mr Seshasayee today said that this was both because of lack of availability of adequate funding by vehicle finance companies (NBFCs) as well as due to the slowdown in economic growth. He would not be drawn into any discussion about the wages that would be paid to the employees for the non-working days.

Ashok Leyland’s Re 1 shares closed 9 per cent down on the NSE on Thursday at Rs 17.45.

More Stories on : Announcements | HCV/LCV/Tractors | Financial Markets

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