CLSA has downgraded Ashok Leyland to an ‘Underperform’ rating, setting a target price of ₹188 per share, indicating a potential 15% downside from the current market price (CMP) of ₹221.93. The brokerage notes that the company anticipates 0-2% industry growth for Medium & Heavy Commercial Vehicles (M&HCV) in FY25. CLSA remains cautious about the rising risk of a continued downcycle extending into FY26.
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