Ashok Leyland fell 1.99% to Rs 14.75 at 9:20 IST on BSE after the company reported a 32% decline in total sales to 7,232 units in September 2013 over September 2012.
The company made the announcement after market hours on Tuesday, 1 October 2013.
Meanwhile, the BSE Sensex was up 77.16 points, or 0.40%, to 19,594.31.
On BSE, 1.08 lakh shares were traded in the counter compared with average volume of 14.02 lakh shares in the past one quarter.
The stock hit a high of Rs 15.05 and a low of Rs 14.65 so far during the day. The stock hit a 52-week low of Rs 11.82 on 29 August 2013. The stock hit a 52-week high of Rs 28.70 on 3 December 2012.
The stock had outperformed the market over the past one month till 1 October 2013, rising 25.42% compared with the Sensex's 4.82% rise. The scrip had, however, underperformed the market in past one quarter, falling 27.12% as against Sensex's 0.31% decline.
The mid-cap company has an equity capital of Rs 266.07 crore. Face value per share is Re 1.
Ashok Leyland witnessed a 38% decline (excluding its small commercial vehicle DOST) in commercial vehicle sales to 4,715 units in September 2013 over September 2012. Sales of DOST declined by 17% to 2,517 units in September 2013 over September 2012.
Separately, Ashok Leyland announced after market hours on Tuesday, 1 October 2013, that it offloaded its US-based testing and engineering company Defiance Testing & Engineering Services (DTE) to Exova. The company however did not disclose value of the transaction. The acquiring company, Exova is into testing, calibration and advisory services. Commenting on the sale, V Sumantran, vice chairman, Ashok Leyland, said "It is reflective of Ashok Leyland's dynamic shift in strategic priorities aimed at enhancing the value of its business in the medium term."
Ashok Leyland reported a net loss of Rs 141.75 crore in Q1 June 2013, as against net profit of Rs 66.94 crore in Q1 June 2012. Net sales declined 21.9% to Rs 2313.21 crore in Q1 June 2013 over Q1 June 2012.
Ashok Leyland, the flagship of the Hinduja Group, is the second largest maker of commercial vehicles in India after Tata Motors.
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