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Automaker Ashok Leyland Ltd's shares fell as much as 6.6 per cent to Rs 138.65, their biggest daily percentage loss since February 6. Q4 profit jumped 40 per cent to Rs 667 crore ($97.97 mln), beating analysts' estimate of Rs 642 crore.
Credit Suisse analysts said EBITDA margin improvement was about 50 bps lower than expected, as gross margins declined despite operating leverage. “Tata Motors’ aggression in the domestic market will mean either market share pressure or margin pressure or both” for Ashok Leyland - CS, maintaining ‘underperform’ rating with price target of Rs 103.
Nearly 14 million shares changed hands as of 10 am, vs 30-day average volume of 14.1 million shares.
Twenty-nine of 42 brokerages rate the stock 'buy' or higher, six 'hold' and the rest 'sell' or lower, according to TR data
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