New Delhi, Nov. 15 -- Ashok Leyland Ltd's shares fell sharply in the first hour of trading on Monday, but recovered to close 3.5% higher at '79.20. While the company's September quarter earnings didn't have much to write home about, its conference call with analysts on Monday morning calmed some nerves.
The management said inventory (including company and dealer level) is down to 13,200 vehicles at the end of October from 18,200 in end-September and 27,500 vehicles in end-June. This will help lower working capital, and hence, interest costs in the quarters ahead.
Investors now seem to be coming to the conclusion that the worst is behind Ashok Leyland.
To be sure, the 44% year-on-year drop in quarterly sales was bad news. However, the dec...