Morgan Stanley downgrades India's Ashok Leyland to underweight

Newswire

MUMBAI, May 23 (Reuters) - Morgan Stanley downgraded Ashok Leyland , India's second largest commercial vehicle maker, by two notches to "underweight," saying there were no positive triggers for the stock going ahead. All incremental catalysts are negative, including the upcoming diesel price hike and weakening freight growth trend, Morgan Stanley said in a note. It cut its price target on the stock to 45 rupees from 83 rupees, driven by a 20 percent cut in fiscal 2012 earnings estimates ...

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