Ashok Leyland declines on Jeffries underperform report

Ashok Leyland , the second largest commercial vehicle producer in India, fell more than 2.5 percent on Tuesday after the research firm Jeffries downgraded the stock to underperform and cut its target price to Rs 22.

"Truck demand continues to slip on the back of weakness in the most critical user segments," Jeffries reasoned.

Shares slipped 2.66 percent to close at Rs 25.60 amid high volumes on Bombay Stock Exchange.

A meeting of the board of directors of the company will be held on January 24, 2013, to consider the unaudited financial results for the quarter and nine months ended December 31, 2012.

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