Ashok Leyland declines as its arm to close Sherburn facility
Ashok Leyland is currently trading at Rs. 209.45, down by 5.50 points or 2.56% from its previous closing of Rs. 214.95 on the BSE.
The scrip opened at Rs. 206.00 and has touched a high and low of Rs. 214.80 and Rs. 205.05 respectively. So far 541870 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 264.70 on 27-Aug-2024 and a 52 week low of Rs. 166.15 on 19-Apr-2024.
Last one week high and low of the scrip stood at Rs. 219.50 and Rs. 205.50 respectively. The current market cap of the company is Rs. 61534.93 crore.
The promoters holding in the company stood at 51.52%, while Institutions and Non-Institutions held 37.21% and 11.28% respectively.
In the wake of continuing general economic uncertainty within the overall bus manufacturing sector in the UK and consequent inability to derive the benefits of scale, Ashok Leyland’s stepdown subsidiary -- Switch Mobility, UK has received approval from board for commencement of consultation process with employees for a potential cessation of manufacturing and assembly activities at its Sherburn facility. Switch Mobility is a manufacturer of electric buses having presence across the UK and Europe.
Switch UK has no plans to exit the UK market. It will execute and complete all the orders on hand and will continue to provide aftermarket and service support from two other facilities in Rotherham and Thurrock for the existing vehicle parc.
Ashok Leyland, the Hinduja Group flagship company in India, is engaged in the manufacturing of commercial vehicles and related components. The company’s products include buses, trucks, engines, defense and special vehicles.
