Ashok Leyland hits 52-week low; CLSA reiterates sell, cut target to Rs 75

Shares of Ashok Leyland touched 52-week low of Rs 87.45, down 3.5 percent intraday Tuesday after brokerage house CLSA reiterated sell on the stock and also cut target to Rs 75 from Rs 85 per share.

CLSA sees high likelihood of a downturn after 4 years of up-cycle for truck market and expect competition to intensify in a downturn.

The FY20-21 EPS estimates are 14-22 percent below street.

At 09:44 hrs Ashok Leyland was quoting at Rs 87.50, down Rs 3.15, or 3.47 percent on the BSE.

The share price was down 45 percent in last 9 months.