Jefferies cuts Ashok Leyland to underperform
Jan 22 2013
The brokerage says truck demand "continues to deteriorate", while demand from Southern India, a critical market for Ashok Leyland, hasn't recovered "to the extent expected."
Jefferies also cites Ashok Leyland's "stretched" balance sheet and "weak" cash flows.
The downgrade comes ahead of the company's October-December earnings on Thursday.
Shares in Ashok Leyland are down 2.7 percent at 26 rupees as of 2:52 p.m.