L&T Finance Holdings dips 7% on divestment of Asset Management business

The divestment of Mutual Fund business is in line with the strategic objective of L&T Finance Holdings to unlock value from its subsidiaries and strengthen its balance sheet, the company said.

Shares of L&T Finance Holdings dipped 7 per cent to Rs 77.05 on the BSE in Friday’s intra-day trade amid heavy volumes after the company announced divestment of its Asset Management business.

The stock of Larsen & Toubro (L&T) Group company had hit a 52-week low of Rs 71.55 on Monday, December 20, 2021. It touched 52-week high of Rs 113.40 on March 3, 2021. At 10:08 am, L&T Finance Holdings was down 6.4 per cent, as compared to 0.7 per cent decline in the S&P BSE Sensex. The trading volumes on the counter jumped 1.5 times with a