Ashok Leyland board to consider dividend on June 24; stock drops marginally

As per media reports, the research firm lowered its rating on the stock to ‘neutral’ from ‘outperform’, and cut its 12-month target price to Rs114 from Rs161, implying a 6% downside from Thursday's closing price.

Jun 21, 2021 12:06 IST India Infoline News Service

Ashok Leyland Ltd said in the regulatory filing that the Board of Directors of the Company at the meeting scheduled to be held on June 24, 2021, may consider and recommend dividend, if any, on the equity shares of the Company for the financial year ended March 31, 2021.

Further, shares of Ashok Leyland Ltd. fell the most in nearly two months on Friday after Credit Suisse has downgraded the stock citing poor recovery of commercial vehicle sales.

As per media reports, the research firm lowered its rating on the stock to ‘neutral’ from ‘outperform’, and cut its 12-month target price to Rs114 from Rs161, implying a 6% downside from Thursday's closing price.

The stock is currently trading at Rs116.40 down by Rs0.1 or 0.09% from its previous closing of Rs116.50 on the BSE. The scrip opened at Rs115 and has touched a high and low of Rs116.50 and Rs112.55 respectively.

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