L&T stock stands unscathed after Sebi rejects Rs 9,000-cr share buyback

After the buyback, the company's consolidated debt would have been more than twice that of the paid-up capital and free reserves, higher than Sebi's mandated level

Shares of Larsen & Toubro (L&T) ended marginally lower on Monday after the Securities and Exchange Board of India (Sebi) turned down its Rs 9,000-crore share repurchase proposal. 
 

The stock declined over three per cent in opening trade but later pared the losses to end just 0.31 per cent lower at Rs 1,314.

Market players said the rebound in the stock price was on hopes that the engineering giant may dole out higher dividend in lieu of a buyback. Meanwhile, analysts maintained their target price for the stock despite fears of impairment in return on equity (ROE) following cancellation of