In slow lane: Why Ashok Leyland’s stock may continue to underperform

For investors, the loss of market share, which the Chennai headquartered company had gained between FY14 and FY18, has been a major sore point. The truck industry entered into a downcycle in November 2018 and since then volume growth has been under pressure. The industry’s wholesale volume dropped by over 50% between FY18 and FY21.