Larsen & Toubro hits over 3-month low, stock down 11% in one month
Shares of Larsen & Toubro (L&T) hit an over three-month low of Rs 1,287, down 2 per cent on Wednesday, thue falling 3.5 per cent in the past two trading days, after media reports said Maharashtra Chief Minister has ordered a review of all projects/proposals cleared by earlier government in the last six months.
The stock of construction & engineering company was trading at its lowest level since August 26, 2019. Over the past one month, the stock has underperformed the market by falling 11 per cent, as compared to a per cent rise in the S&P BSE Sensex.
As per reports, major projects which are under review are mentioned as Mumbai-Nagpur Samriddhi Corridor, Coastal Road Link, Trans-Harbor Sea Link and Thane Creek. Apart from these, Bullet train project and Nanar refinery in Ratnagiri are also kept on hold.
