L&T sinks 7% as margins disappoint, weakness likely in order wins till June
Shares of Larsen & Toubro (L&T) plunged 7 per cent in Wednesday’s intra-day trade to Rs 3,387.40 on the BSE after the company reported lower-than-expected margins for the December quarter (Q3FY24) despite beating revenue estimates.
The company’s management also indicated the pace of new orders in the domestic market had slowed and there would be weakness for the two quarters between now and June 2024 owing to the Lok Sabha elections.
At 09:52 am, L&T was the top loser among the BSE Sensex and Nifty 50 stocks, down 6.5 per cent. In comparison, the benchmark indices were up nearly 0.1 per cent.
