Ashok Leyland signs strategic financing partnership with ICICI Bank

Ashok Leyland, which offers a range of trucks and heavy vehicles, has signed a Memorandum of Understanding (MoU) with ICICI Bank to enter into a strategic financing partnership for two years. This MoU will enable both, Ashok Leyland and ICICI Bank, to offer a customized financial solution to customers across India with a focus on semi-urban and rural geographies.

With this MoU, ICICI Bank will be the preferred financier for providing finances to the customers buying Ashok Leyland vehicles. The Bank will work in close coordination with the authorized dealers of Ashok Leyland to provide financial solutions to the customers.

Ashok Leyland has posted poor numbers for October, 2019. The total number of vehicles sold in October was 9,857, showing a 35 per cent YoY decline. In the same month, the domestic sales declined by 37 per cent with only 9,074 vehicles being sold. The total sales of M&HCV declined by 48 per cent YoY and the sale of LCV declined by 12 per cent YoY.

Ashok Leyland, the Hinduja Group flagship company in India, is engaged in the manufacturing of commercial vehicles and related components. The company’s products include buses, trucks, engines, defense, and special vehicles.

Today, the stock opened at Rs. 84 and made an intraday high of Rs. 84.50, up by 1 per cent. At 9:34, the stock was trading at around Rs. 83.65 on the BSE.