The UK stock market offers plenty of fallen shares for investors to run the rule over. However, some don’t appeal to me, despite the potential value on offer.

Here are two stocks from the FTSE 250 that I’m avoiding today.

A car crash

The first is Aston Martin Lagonda (LSE: AML). After falling 28% year to date, shares of the iconic luxury carmaker are languishing near an all-time low.

Now at 76p, the stock has lost a shocking 98% of its value since listing in 2018!

I’m a big fan of the brand, the heritage, James Bond and all that. And over the years, I’ve looked for reasons to invest in a potential turnaround. But Aston Martin just isn’t giving me anything to pin my hopes on.

Last year, total wholesale volumes dropped 9% to 6,030, due to supply chain disruptions and weak demand in China. The adjusted pre-tax loss was £255.5m, worsening from a £178.8m loss the year before.

Meanwhile, net debt increased 43% to £1.16bn. The ongoing losses and balance sheet continue to be the main risks here.

On the positive side, the company has introduced several new models. New CEO Adrian Hallmark says these represent the “strongest product portfolio in our 112-year history“.

Also, the company is aiming to generate positive free cash flow in the second half of 2025. Perhaps this is something that can reignite investor enthusiasm.

And while we can’t value the stock on earnings, as there aren’t any, the price-to-sales ratio of 0.46 looks pretty low.

However, management is only guiding for mid-single-digit percentage growth in wholesale volumes for 2025. That’s not enough to tempt me to buy shares, especially when a UK — or even potentially US — recession might be on the cards later this year.

An uphill battle for eyeballs

The second FTSE 250 stock I’m avoiding is ITV (LSE: ITV). While a five-year chart shows the stock is up around 27%, that’s slightly misleading. In March 2020, we had the Covid market crash that briefly brought nearly all stocks to their knees.

Zooming further out, the stock is down 36% in six years and has lost over 65% of its value across a decade.

Now, I do see ITV as far less risky than Aston Martin. For starters, the broadcaster is profitable and appears in no danger of going bust.

Moreover, it sports a low price-to-earnings multiple of 7.8 and offers a 6.2% dividend yield. So I certainly appreciate why it might appeal to value investors.

But I worry about the ultimate growth potential of ITVX, the company’s streaming platform, in today’s digital landscape. From Netflix and Disney to YouTube and TikTok, it has massive competition for eyeballs. I only see that intensifying in future.

Meanwhile, the writing has long been on the wall for ITV’s traditional linear television business. Apparently less than half of Gen Z viewers regularly watch TV, while Coronation Street is getting just 10% of the audience compared to its 1987 heyday.

Finally, there’s the production arm (ITV Studios), which is behind international hits like Love Island and Line of Duty. I do like this side of the business, but reports suggest it might be sold off. That makes me even less inclined to invest in ITV long term.