L&T recovers after dropping 3% in intra-day trade

The stock was trading 0.37% lower at Rs 1,313 at 09.36 am after falling 3% in early morning trade on the BSE.

Shares of Larsen & Toubro (L&T) recovered after falling  3 per cent to Rs 1,275 apiece on BSE even as the Securities and Exchange Board of India (Sebi) denied approval to the company’s Rs 9,000-crore share buyback plan, citing compliance issues over its post-buyback debt-equity ratio.

'Since the ratio of the aggregate of secured and unsecured debts owed by the company after buy-back (assuming full acceptance) would be more than twice the paid-up capital and free reserves of the company based on consolidated financial statements of the company, the buyback offer is not in compliance,” Sebi said in a