NEW DELHI: Shares of Hinduja group flagship firm
Ashok Leyland on Wednesday declined more than 9 per cent after second quarter (Q2) profit miss.
Shares of the company plunged as much as 9.28 per cent (intraday) to Rs 108. The scrip posted its biggest intraday loss in over a month since October 11.
The company had posted a 37.5 per cent rise in Q2 profit at Rs 459.57 crore on Tuesday due to higher raw material costs. It had also announced resignation of its CEO and MD Vinod K Dasari with effect from March 31, 2019.
"After a successful stint of almost 14 years with Ashok Leyland, first as a chief operating officer (COO) and then as CEO and MD, Vinod K Dasari has decided to pursue his personal interests and seek new learning. Respecting his personal decision, the board in its meeting today accepted his resignation," Ashok Leyland said.
Ashok Leyland said the nominations and remuneration committee of the board will meet shortly to decide the future course of action in identifying the next CEO and MD.
During the quarter under review, Ashok Leyland's revenue from operations stood at Rs 7,607.98 crore, up 25.20 per cent as against Rs 6,076.38 crore during the July-September quarter of 2017-18.
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