The share price of Ashok Leyland slipped 11 percent intraday on Friday after the auto major reported subdued July sales and disappointing numbers for the quarter ended June 30.

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At 10:35 am, the stock was trading 10.31 percent lower at Rs 61.75 on the NSE. Intraday, the share price plunged 11.31 percent to its day’s low and 52-week low of Rs 60.85. The stock has fallen 36 percent in 2019.

The second-largest automaker of the country reported a massive 40.7 percent year-on-year (YoY) fall in consolidated net profit at Rs 275 crore.

The revenue fell 7.5 percent YoY to Rs 6,514.7 crore, however, earnings before interest, tax, depreciation and amortisation increased 4.2 percent YoY to Rs 960 crore.

The Hinduja Group flagship reported a 28 percent decline in total sales at 10,927 vehicles in July as against 15,199 units in the same month last year.

"With signs of slower demand, we are closely watching the developments in the industry. We continue to take cost out and drive productivity and growth initiatives," Gopal Mahadevan, Chief Financial Officer said.

He added that the company expects demand revival to start in September.

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First Published:Aug 2, 2019 11:12 AM IST