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Shares of Ashok Leyland Ltd fall as much as 4.5 per cent to ₹89.55, in their biggest intraday per cent loss since February 15. The automaker on Friday reported 12.1 per cent fall in March-quarter profit to Rs.653 crore , hurt by an exceptional item of Rs.117.1 million. The total expenses rose 2.6 per cent.
The stocks of Ashok Leyland closed lower by 2.72 per cent at ₹91.10.
Morgan Stanley cuts FY20 EPS forecast by 5 per cent to reflect BS VI margin pressure. MS trims target price to ₹134 from ₹171; maintains 'overweight'. Jefferies downgrades the stock to 'underperform', noting rising cyclical risks in FY20/21 and the likelihood of sharp earnings cuts based on the history of medium and heavy commercial vehicle down-cycles. Jefferies trims price target to ₹75 rupees from ₹90.
About 14.9 million shares change hands in early trading, compared with the 30-day average of 24.3 million shares. The rival Tata Motors posted 47.4 per cent fall in quarterly profit, while Eicher Motors Ltd reported 18 per cent jump in profit ($1 = 69.4360 Indian rupees)
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