Share price of Ashok Leyland slumped nearly 4 percent intraday after the commercial vehicle maker closed its Pantnagar plant in Uttarakhand for 9 days.

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At 11:50 am, the stock was trading at Rs 84.70 per share, down by 0.88 percent on the NSE. Intraday, it fell 3.82 percent to its day’s low at Rs 82.20.

The firm, in its regulatory filing, said, “The company’s plant situated at Pantnagar will remain closed from July 16, 2019 to July 24, 2019 (both days inclusive), owing to weak demand and outlook for the industry.”

According to Society of Indian Automobile Manufacturers (SIAM), the auto industry has been hit by the massive slowdown in consumption and liquidity crunch.

SIAM’s June report showed a 17 percent drop in passenger vehicle sales, with car sales skidding 25 percent. The two-wheeler segment also witnessed a 12 percent drop.

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