L&T Finance Holdings dips after two-week rally

The stock has rallied 65% in past two weeks to Rs 89.25 on Friday from Rs 54 on November 2, on back of heavy volumes.

L&T Finance Holdings (LTFH) has dipped 10% to Rs 75.50, extending its Friday’s 3% fall after rising over 50% in past two weeks on the Bombay Stock Exchange.  The stock opened at Rs 83.75 and has seen a combined 18.38 million shares have changing hands on the counter till early noon deals on both the exchanges.

LTFH, which is the financial services arm of Larsen & Toubro Ltd (L&T), has rallied 65% in past two weeks to Rs 89.25 from Rs 54 on November 2, on back of heavy volumes.

Meanwhile, with reference to increase in share price, the company has clarified to BSE that "While it is not within the purview of the company to comment on the trades or share price, the company is concerned about certain reports/rumors regarding merger and acquisition activities which may have some association with the spurt in volume and/or price”.

 

“You will appreciate that it would not be possible or prudent for the company to be responding in any manner to rumor or speculation. We do however wish to clarify that as part of its growth strategy the company pursues both organic and inorganic opportunities on an ongoing basis and appropriate public announcement of any new development with regard to the company is made in accordance with applicable law,” it added.