 "L&T shares down 2% amid Suuti block deal")
Shares of L&T were trading two per cent lower at Rs 1,414 on Friday as the government looked to sell shares worth Rs 4,000 crore in the engineering giant.
Around eight million shares in the counter changed hands, making L&T the most-traded stock in the morning trade.
The government is looking to sell as much as 27.8 million shares (three per cent) in L&T through block transactions.
The centre has fixed a floor price of Rs 1,415.66 for the block deal, two per cent discount to Thursday's close.
As the stock price in the secondary marker has slipped below the floor price it will be interesting to sell if the government is able to offload the remaining shares, said market experts. The share sale is being handled by Citi, Morgan Stanley and ICICI Securities.
The government is looking to sell as much as 27.8 million shares (three per cent) in L&T through block transactions.
The centre has fixed a floor price of Rs 1,415.66 for the block deal, two per cent discount to Thursday's close.
As the stock price in the secondary marker has slipped below the floor price it will be interesting to sell if the government is able to offload the remaining shares, said market experts. The share sale is being handled by Citi, Morgan Stanley and ICICI Securities.
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