L&T declines over 4 pc, m-cap shrinks by Rs 5,625 cr

Shares of Larsen & Toubro (L&T) today tanked by over 4 per cent after the company during its quarterly results announcement said ground level inputs indicate that a significant pick-up in business opportunities is still some time away.
The stock declined 4.11 per cent to settle at Rs 1,411.15 on BSE. During the day, it fell as much as 4.86 per cent to Rs 1,400 -- its 52-week low.
On NSE, it was down 4 per cent to end at Rs 1,410.75.
The infrastructure major's market valuation slumped by Rs 5,625.63 crore to Rs 1,31,330.37 crore.
In terms of volume, 10.29 lakh shares of the company changed hands at BSE and over 76 lakh at NSE during the day.

Larsen & Toubro (L&T) today reported a 15.56 per cent jump in consolidated net profit at Rs 995.90 crore for the September quarter even as it said the investment climate remained "subdued" during the period.

The company said financial markets remained volatile and it will take time for the business activity to gather momentum.
The engineering and construction major had reported a net profit (after tax, minority interest and share in profit of associates) of Rs 861.75 crore in July-September of the last fiscal.
"Financial markets... Remained volatile and the overall investment climate stayed subdued during the quarter... The ground level inputs indicate that it may take further time for a significant pick-up in business opportunities," L&T said.

Its net sales increased by 10.55 per cent to Rs 23,393.22 crore in the second quarter as against Rs 21,159.35 crore a year ago.