L&T slumps after adjusted profit lags estimates

MUMBAI (Reuters) - Shares in conglomerate Larsen and Toubro slump more than 5 percent on Wednesday after the company's April-June net profit, adjusted for exceptional items worth 2.49 billion rupees, missed estimates.

Exceptional gain represents gain on divestment of a strategic investment and stake in subsidiary companies, the company said in a statement on Monday.

The extent of losses in the hydrocarbons segment was also a negative surprise, analysts say.

(Reporting by Abhishek Vishnoi; Editing by Anupama Dwivedi)