Shares of L&T Finance Holdings today slumped by as much as 6.6 per cent after the company set a floor price for its stake sale at a discount.
L&T Finance Holdings' scrip tanked 6.19 per cent to close at Rs 74.30 on the BSE. During the day, the scrip plunged 6.88 per cent to Rs 73.75.
At the NSE, the stock settled at Rs 73.95, down 6.57 per cent from its previous close.
L&T Finance Holdings Ltd hit the market today to raise at least Rs 583 crore through sale of more than 8.3 crore shares.
The floor price of the offer for sale has been kept at Rs 70 apiece, a discount of 11.6 per cent to yesterday's closing price.
L&TFH, a listed entity, is part of conglomerate Larsen & Toubro.
The company plans to sell over 8.33 crore shares tomorrow. At the floor price of Rs 70 a piece, the sale could fetch at least Rs 583 crore, according to the information available on the National Stock Exchange.
