Yes earlier only KPIT and Tata Elxsi where the two main players in ER&D space, L&T technology was serving to some client, but this space was not their focus, now with Tata Tech IPO, investors have more option to invest in this space and hence the stock is infact correcting. given the current valuation of KPIT which is on the higher side.
Disclosure: i have exited completely from my holding a day back, so i could be biased, will renter later
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