Ashok Leyland touched a fresh 52-week low of Rs 50.15, falling 22 percent intraday on March 19 after the company approved acquisition of up to 19 percent additional equity shares in Hinduja Leyland Finance from the existing shareholders in tranches.

The company is to acquire stake in Hinduja Leyland Finance for a consideration not exceeding Rs 1,200 crore subject to approvals, consents, sanctions and permissions of the appropriate authorities.

As and when the company completes acquiring shares in tranche(s) and if the said acquisition exceeds 2 percent or more of the equity shares of HLFL, the company will inform the stock exchanges, as required, as per the company's press release.

The acquisition will get completed in tranches within a period of 12 months from the date of approval.

At 13:22 hrs, Ashok Leyland was quoting at Rs 51.65, down Rs 12.70, or 19.74 percent on the BSE.