Since 2014, Ashok Leyland has scripted one of the best turnaround stories in the history of India Inc. A couple of years before that, it was caught in quick sand. There was a slowdown in the mining industry, which led to a fall in demand for heavy vehicles such as trucks, which in turn led to unsold stock and investor panic. The management took hard decisions — including downsizing and moving out of its non-core businesses — and, buffeted by recovery in infrastructure and agriculture, Leyland saw remarkable improvement over the next three years.
Speed bump ahead
Ashok Leyland’s turnaround was historic. But now, with macro headwind, policy changes and a drop in market share, can it sustain its run?
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