At a crossroads
The United Kingdom’s economy has encountered a challenging phase, with consecutive monthly declines in GDP marking the first back-to-back contraction since the tumultuous days of the Covid-19 lockdowns.
Hinduja Group flagship, Ashok Leyland on Monday announced ‘no-working day’ for five of its factories across India, days after it reported a sharp drop of 47 per cent in its sales for the month of August.
“We write to inform you that the following are the non-working days at our various plant locations during September 2019, due to continued weak demand for our products,” said Ashok Leyland in a regulatory filing.
Advertisement
According to reports, Ennore plant in Chennai will have 16 non-working days, Hosur 1, 2 and CPPS five days, Alwar and Bhandara Maharashtra 10 days and Pantnagar UP will have 18 non-working days.
Advertisement
Ashok Leyland reported a decline in total sales, the company said that it sold a total of 9,231 units in August, down from 17,386 units sold during the corresponding month in 2018. Sales of goods carriers light, medium and heavy trucks came down to 7,432 units last month from 15,945 units sold in August 2018. On the other hand, bus sales last month went up to 1,799 units from 1,441 units sold in August 2018.
Shares of the company are down 1.10% on BSE at ₹63.20. The scrip had touched its 52-week low of ₹56.95 on 23 August 2019. On NSE, the stock is trading at 1.88 per cent.
(With input from agencies)
Advertisement
