November 14, 2018 / 4:52 AM / 2 years ago

BUZZ-India's Ashok Leyland hits over 1-mth low on Q2 profit miss, CEO exit

** Truck maker Ashok Leyland Ltd’s shares fall as much as 8.8 pct to 108.5 rupees, their lowest since Oct 11

** Co posted a lower-than-expected 37.5 pct rise in Q2 profit on Tuesday due to higher raw material costs

** Chief Executive Officer Vinod K. Dasari resigned after nearly 14 years with the company, the truckmaker said in a separate statement

** “We stay cautious as we expect FY20 to be peak of cycle and valuations are not cheap in that context,” said Jefferies

** Jefferies cuts price target to 112 rupees from 120 rupees

** Stock posts biggest intraday loss in over 1 month; trades at volumes nearly 1.7 times its 30-day avg at 0440 GMT

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