Ashok Leyland led the broader auto sector rally on Thursday, November 5, surging 10.5% to ₹170 apiece, its highest level in two months. The rally also marked the stock's biggest single-day gain since April.
The rally followed a sharp overnight retreat in crude oil prices, while expectations of a possible easing of US trade tariffs after Democrats swept both chambers of Congress in the US midterm elections lifted Dalal Street sentiment.
Brent crude traded around $95 per barrel on Thursday, following a decline of nearly 9% in the previous session that pushed prices to a two-month low.
The midterm election outcome fuelled expectations that the Trump administration could face growing pressure to bring the war with Iran to an end. It also reflected growing voter dissatisfaction with the administration's policies, which have rattled global markets and fuelled inflation concerns, prompting central banks to raise interest rates.
US President Donald Trump acknowledged that Republicans suffered losses largely due to the conflict and pointed to rising gasoline prices as a major contributing factor, while indicating no immediate plans to ramp up military strikes against Iran.