The scrip ended 3.5% lower at Rs 1,472. The counter clocked volumes of 13.97 crore as compared tp the two-week daily average traded volumes of 3.78 crore shares on the BSE.
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(Updated at 0930hrs)
L&T has lost weight on the bourses after reporting disappointing numbers in the December 2009 quarter. The stock is trading at Rs 1466, weaker by Rs 57 or 3.7%, on the BSE. The shares had opened at Rs 1505, and have touched a high of Rs 1515 and a low of Rs 1438 thus far.
The company's share price had fallen by 6.8% in a weak market on Thursday.
The net profit of the engineering giant halved to Rs 758.8 crore in the three months ended December 31 from Rs 1,520.4 crore in the same period last year, the first drop since the second quarter of 2006. The profit fall is mainly due to a one-time gain of Rs 916.3 crore in the same quarter last year from the sale of its concrete business to Lafarge.
Profit after tax from ordinary activities, which excludes the one-time gain, has risen 15.26 per cent to Rs 696.3 crore because of improvement in manufacturing and material cost. However, net sales fell 6 per cent to Rs 8,071.4 crore, the first drop in revenue since the third quarter of 2002.
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