India's Ashok Leyland drops on Goldman Sachs' downgrade to 'neutral'

Ashok Leyland

24/09/2025 06:12

** India's Ashok Leyland ASOK.NS pares some of day's losses to trade 0.5% lower at 143.30 rupees

** Stock had shed as much as 3.1% earlier in the session

** Goldman Sachs downgrades automaker to "neutral" from "buy", with PT of 140 rupees

** Brokerage says it sees limited upside for stock after its recent rally due to tax cuts

** Stock has gained 18% since August 15, when the GST cuts were announced, which analysts expected will boost demand for automakers

** GS also cuts FY26-28 EPS estimates by 4-7% to factor in modest capex

** YTD, stock up ~30% vs auto index's .NIFTYAUTO 19.4% climb

 (Reporting by Kashish Tandon in Bengaluru)

 ((Kashish.tandon@thomsonreuters.com))