L&T Finance shares surge 8.5% on stake sale reports

Shares of L&T Finance Holdings surged 8.5 per cent today amid reports that a private equity firm is in talks to purchase one-fourth stake in the company.
The stock jumped 8.43 per cent to settle at Rs 72.05 on BSE. During the day, it soared 10 per cent to Rs 73.15.
At the NSE, shares of the company climbed 8.58 per cent to Rs 72.10.
The company's market value rose by Rs 966.64 crore to Rs 12,397.64 crore.
On the volume front, 73.99 lakh shares of the company changed hands at BSE while over three crore shares were traded at the NSE during the day.

"L&T Finance Holdings rallied after market rumours that a leading American private equity firm is in talks with the company to purchase a considerable stake," said Hiren Dhakan, Associate Fund manager at Bonanza Portfolio.

According to media reports, Warburg Pincus is in talks to purchase at least one-fourth of financial services firm L&T Finance Holdings.
Clarifying the reports, L&T Finance in a BSE filing said, "We wish to inform the exchange that as a part of its ongoing investor relations exercise, the company meets various investors from time to time and at this point of time we have nothing to share with the exchanges."

In the broader market, the benchmark BSE Sensex ended at 28,171.69, down 37.07 points.