Ashok Leyland shares fall 26%, touch a fresh 52-week low of Rs 47.25

A month later, now, the company announced that it would invest Rs 1,200 crore to buy stake in HFL

Ashok Leyland touched a fresh 52-week low of Rs 47.25, falling 26.03 percent intra-day on Thursday. This came a day after the company board approved the firm’s plan to acquire up to 19 percent additional equity shares in Hinduja Leyland Finance, an NBFC, from the existing shareholders in tranches. The total consideration is around Rs 1,200 crore.

It may be noted that last month, the company said that during the current market slowdown, it has decided to conserve cost and reduce capex and investments.  Earlier, the management said capex for the year will be Rs 1,200-1,300 crore as against the