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L&T shares shrug off buyback rejection; shares end marginally lower

Sebi's cancellation of buyback was on account of difference in interpretation of the law, said company sources and analysts

Larsen & Toubro

Shares of Larsen & Toubro (L&T) on Monday ended marginally lower after market regulator Securities and Exchange Board of India (Sebi) turned down its Rs 9,0000-crore share repurchase proposal. The stock declined over three per cent in the opening trade but later pared the losses to end just 0.31 per cent lower at Rs 1,314. Market players said the rebound in the stock price was on hopes that the engineering giant might doll out higher dividend in lieu of buyback. Meanwhile, analysts maintained their target price for the stock despite fears of impairment in return on equity (ROE) ...