The company made this announcement in after trading hours on Monday, 17 November 2008.

Meanwhile, the BSE Sensex was down 385.79 points, or 4.15%, to 8,905.22.

On BSE, 2,356 shares were traded in the counter. The stock had an average daily volume of 1,109 shares in the past one quarter.

The stock hit a high of Rs 121 and a low of Rs 114 so far during the day. The stock has a 52-week high of Rs 670 on 28 December 2007 and a 52-week low of Rs 124 on 17 November 2008.

The small-cap stock had underperformed the market over the past one month till 17 November 2008, declining 25.82% as compared to the Sensex's decline of 6.86%. It had also underperformed the market in the past one quarter, declining 57.12% as compared to the Sensex's decline of 36.90%.

The company's current equity is Rs 15.11 crore. Face value per share is Rs 10.

The current price of Rs 114 discounts the company's Q4 September 2008 annualized EPS of Rs 19.67, by a PE multiple of 5.80.

The company is compelled to moderate production over the next two months as the commercial vehicle market is witnessing a steep fall in demand which has driven the company's original equipment customers to resort to shut downs or layoffs, it said.

Automotive Axles' net profit fell 45.8% to Rs 7.43 crore on 15% fall in net sales to Rs 136.14 crore in Q4 September 2008 over Q4 September 2007.

The company manufactures all types of complete axles and axle assemblies including components and corresponding brake sets. It also manufactures automotive gears and air- and hydraulic-activated brake assemblies.