Share price of the Engg &construction major Larsen & Toubro declined over 2pc on BSE and NSE, after company board approved a merger scheme arrangement its subsidiary, L&T Shipbuilding with itself.
As per earning report posted on Friday, L&T’s March-quarter profit had missed estimates. The adjusted profit after tax for the fourth quarter stood at Rs.3418-crore, which advances by 7.9-percent year on year. Company’s revenue grew by 10.5%, year on year to Rs.44934-cr. EBITDA came in at Rs.5599-cr, up 3.5% year on year.
During mid-noon hours at 12.25pm, share price of L&T quoted at Rs.1326, down by 2.16%, on the BSE. On the NSE, L&T share price at the same time quoted at Rs.1327.60, down by 2.06%, from its previous close of Rs.1355.70.
In comparison, the Sensex traded higher by 44 points at 37507.22 and the Nifty quoted at 11,273.80, down 5 points.