India’s second largest automaker Ashok Leyland Limited reported a 21.5% decline in its third-quarter profit on Thursday, due to lower consumer demand and other income. Net profit fell to Rs381 crore for the three months ended December 31 with reference to Rs485 crore a year earlier, the company said.

Operational revenue slipped in Q3 by 12 percent to Rs 6325 crore on year-on-year basis, while sales volumes during the quarter dipped 6.1 percent year-on-year and 15.8 percent on Quarter-on-quarter. EBITDA at the operating level has shrunk 22.6 percent to Rs 649.6 crore and margin contracted 140 base points to 10.3 percent compared to year-ago.

Despite slowed in profit, stocks in Ashok Leyland ran sharply in trade during Thursday’s session and closed at Rs 83.50 up by 5.83 percent or Rs. 4.60 from its previous closing of Rs 78.90 on the NSE with Nifty50 falling 47 points today. Nifty Auto index has risen at 8223.35 up by 0.56 percent. The stock opened at Rs 78.50 and has touched a high of Rs 87.10 and a low and Rs 77.75 each.

On the BSE, Ashok Leyland stock ended today at Rs84.50 per share up by Rs. 5.55 or 7.03 percent with Sensex Falling by 157 points.