Meanwhile, the BSE Sensex was down 26.98 points or 0.16% to 16,819.07.

On BSE, 8.72 lakh shares were traded in the counter as against average daily volume of 8.85 lakh shares in the past one quarter.

The stock hit a high of Rs 22.75 and a low of Rs 21.70 so far during the day.

The stock had underperformed the market over the past one month till 25 July 2012, sliding 9.26% compared with the Sensex's 0.21% fall. The scrip had also underperformed the market in past one quarter, tumbling 27.26% as against Sensex's 1.78% fall.

The Ashok Leyland stock has tumbled 8.19% in three trading sessions from Rs 23.80 on 23 July 2012, after the company reported poor Q1 June 2012 earnings during trading hours on Tuesday, 24 July 2012.

Ashok Leyland's net profit fell 22.4% to Rs 66.94 crore on 18.4% growth in net sales to Rs 2940.98 crore in Q1 June 2012 over Q1 June 2011. The top line growth is aided by robust sales volume growth of 43% though significantly moderated by higher discounts for truck sales. The operating profit margin (OPM) fell by 170 bps primarily on higher ad spends. Thus the operating profit fell by 2% to Rs 240.70 crore in Q1 June 2012 over Q1 June 2011. The decline in net profit during the quarter (Q1 June 2012) is mainly due to higher interest and depreciation cost and higher sales overhead.

Ashok Leyland, the flagship of the Hinduja Group, is the second largest maker of commercial vehicles in India after Tata Motors.