Shares in Larsen & Toubro Ltd, India's biggest engineering conglomerate, fell as much as 2.7% on Thursday, dropping for a second day after it missed out on a Rs 16,000-crore bulk tender by utility NTPC, dealers said.
The company, along with Japan's Mitsubishi Heavy Industries, emerged as the third lowest bidder for the order.
"This would be viewed in general as a negative for L&T's power equipment joint venture with Mitsubishi," Nomura said in a note. At 9:43 am, L&T shares were down 1.57% at Rs 1,287.
