Ashok Leyland buys 27.5pc shares in Ashley Aviation, Stock falls

Mid-Market Stock:Ashok Leyland Limited, India’s second largest commercial vehicle maker said on Wednesday that the company has acquired 27.25% or 10,89,985 shares additionally  in Ashley Aviation Ltd, increasing its shareholding in the aviation company to 76.25 percent.  

Subsequent on the acquisition, Ashok Leyland’s shareholding in Ashley Aviation Ltd will increase from the existing 49% to 76.25% and the later  will become a subsidiary of the former.

Even as the Hinduja group flagship company announced this development, there is no positive impact seen in its shares.

Ashok Leyland Limited also on Wednesday released Dec-month sales figures, showing a 20 percent decline in total commercial vehicle sales at 15,493 units in December 2018.

Ashok Leyland‘s scrip opened at Rs. 99.95 per share on bourses (BSE & NSE) and is trading lower by 1.10 percent on both Exchanges on Thursday. The stock touched a high and low of Rs. 100.30 and Rs. 98.20 respectively during intraday till mid-noon hours Thursday. Meantime BSE Sensex deeply falls by 254 points at 35637.55 and Nifty shows at 10702-marks, down by 90 points at around 13:05 hours.

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