Shares of Ashok Leyland plunged over 5 per cent on Monday after the company said it will suspend manufacturing operations at its various plants for up to 15 days in October.
On the BSE, the stock slumped 5.29 per cent to Rs 64.50.
The scrip plunged 5.36 per cent to Rs 64.40 on the NSE.
The commercial vehicle major on Friday said it will suspend manufacturing at its various plants for up to 15 days this month in order to adjust production to market demand.
'To align our production in line with our sales, the company's plants at various locations will be observing non-working days ranging from 2-15 days, during the month of October,' the Hinduja flagship said in a regulatory filing on Friday.
The company's move comes in the wake of slowdown in the domestic automobile industry, forcing automobile companies to take production cuts in order to reduce inventory at dealerships.
Last month, the Chennai-based firm had announced 16 non-working days for its facility in Ennore, five days at Hosur (Tamil Nadu) unit, 10 days each in Alwar (Rajasthan) and Bhandara (Maharashtra) unit and 18 days in Pantnagar (Uttarakhand) facilities.
