Ashok Leyland shares witnessed a sharp rise on Monday after the company has reported an increase of 16.7% in sales in August 2014 to 8,331 units as against 7,139 units sold in the same period of last year.

The company experienced a rise of 18.04% in its M&HCV products segment to 5,830 units in August. The company's large commercial vehicle (LCV) witnessed a gain of 13.68% to 2,501 units in August.

Shares of the company are trading at Rs 38.85, up Rs 2.3, or 6.29% at the Bombay Stock Exchange (BSE) on Monday at 3:05 p.m.

The scrip has touched an intra-day high of Rs 39.30 and low of Rs 36.45. The total volume of shares traded at the BSE is 2,721,982.