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Shares of commercial vehicle manufacturer Ashok Leyland dropped as much as 2.5 per cent on Tuesday.
Following a positive open at Rs 124 against the previous close of Rs 123.65, the scrip touched an intraday high of Rs 124 and a low of Rs 120.55. In terms of equity volume, 5.35 lakh shares exchanged hands on the BSE.
The shares ended down by 1.74 per cent at Rs 121.50 on the BSE. On the NSE, the stock closed lower by 1.86 per cent at Rs 121.30.
Yesterday, the company had announced that it will use Japanese company Hino Motors’ technology to develop Euro-VI engines and support Hino’s engine parts purchase in India for global operations.
According to a press release from Ashok Leyland, both companies have entered into a mutual co-operation agreement in this regard.
Hino and Ashok Leyland have had a cooperative agreement for engine production in India since 1986. The latest mutual co-operation agreement will leverage each other’s strengths in diesel engines to enhance competitiveness.
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