Ashok Leyland Announces Non-Working Days For November
Ashok Leyland had announced non-working days in the past to align its production with market demand.
Hinduja Group flagship Ashok Leyland Ltd. on Friday announced non-working days ranging from 0-12 days in November to adjust production in line with market demand.
The Chennai-headquartered commercial vehicle maker had taken similar steps due to the auto slowdown in India.
"...in order to align production in line with the market demand for our products, the company proposes to observe non-working days ranging from 0-12 days during the month of November,” Ashok Leyland said in an exchange filing on Friday.
Automobile firms, including Maruti Suzuki India Ltd., Hero MotoCorp Ltd. and TVS Group firm Sundaram-Clayton Ltd., had announced similar non-working days.
According to a data from industry body Society of Indian Automobile Manufacturers, passenger vehicle sales dropped 23.69 percent in September, making it the 11th consecutive month of declines.
In the April-September period of 2019-20, total domestic commercial vehicle sales fell 22.95 percent to 375,480 units as against 487,319 units in the corresponding period of the previous fiscal.
On Friday, Ashok Leyland shares fell 1.04 percent to Rs 75.90 apiece on the BSE while the benchmark Sensex gained 0.09 percent to end the day at 40,165.03 points.