L&T share price fell as much as 2.5% intraday after brokerage houses HSBC, Citi and Barclays downgraded rating of the engineering and construction major citing decline in new order growth and expensive valuations. (Photo: PTI)
Larsen & Toubro (L&T) share price fell as much as 2.5 per cent intraday after brokerage houses HSBC, Citi and Barclays downgraded rating of the engineering and construction major citing decline in new order growth and expensive valuations.
At 1.54 pm, L&T was trading 2.21 per cent down at Rs 1,379.90. The scrip opened at Rs 1,403 and had touched a high and low of Rs 1404 and Rs 1375.50, respectively, in trade so far. Sensex was down 0.80 per cent at 26,443.41.
L&T has already cut its 2015-16 new orders growth guidance to 5-7 per cent and cut sales growth guidance to 10-15 per cent on Friday.
Barclays cuts rating of L&T to ‘equal weight’ from ‘overweight’ and reduced L&T target price to Rs 1,523 from Rs 1,788 earlier. Citi downgraded L&T rating to ‘neutral’ from ‘buy’ and cuts target price to Rs 1,549 from Rs 1,746 earlier.
Similarly, HSBC also reduced L&T rating to ‘hold’ from ‘buy’ and cuts price target to Rs 1,490 from Rs 1,793 earlier.
(With inputs from Reuters)
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