Larsen & Toubro trades lower after block deals

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters
Larsen & Toubro (L&T) was trading lower by 2% at Rs 1,419 on the National Stock Exchange (NSE) after a huge block deals executed in the counter.

Till 09:43 am, a combined 17.91 million equity shares representing 1.96% of total equity of L&T have changed hands on the NSE and BSE. The stock hit a high of Rs 1,430 and low of Rs 1,397 on NSE so far. It opened at Rs 1,427. LINK

The name of the buyers and sellers were not ascertained immediately.

According to Business Standard report, the government plans to offload up to 3% stake in L&T held under Specified Undertaking of the Unit Trust of India (Suuti) through a block deal on Friday, said investment banking sources. LINK

As of September 30, 2016, Administrator of the Specified Undertaking of the Unit Trust of India held 75.92 million or 8.32% stake in L&T, the shareholding pattern data shows.

 


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