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Larsen and Toubro shares decline nearly 3% as Credit Suisse cuts earnings estimate

Credit Suisse said L&T's order inflows were exceptionally slow in Q3 of FY20 as it has added up to only Rs 5,000-6,000 crore earnings so far.

twitter-logoBusinessToday.In | January 8, 2020 | Updated 16:59 IST
Larsen and Toubro shares decline nearly 3% as Credit Suisse cuts earnings estimate
The share price of Larsen & Toubro (L&T) were quoting at Rs 1,291, declining 2.19% by the closing bell.

Larsen & Toubro (L&T) share price fell nearly 3% intraday in Wednesday's trading session after research firm Credit Suisse cut company's FY20/21/22 earnings estimates by 2-4% and maintained neutral rating for the stock at a target price of Rs 1,460.

Credit Suisse said L&T's order inflows were exceptionally slow in Q3 of FY20 as it has added up to only Rs 5,000-6,000 crore earnings so far. The inflows in FY20 were flat versus guidance of 10-12% growth, the research firm added.

Following the latest development, Larsen & Toubro (L&T) shares touched an intraday low of Rs 1,283.6, falling 2.78% on BSE, against the previous closing value of Rs 1,320.25. Today's low is 81 points away from the stock's 52-week low of Rs 1,202.30.

Compared to this, Sensex fell 0.13% by the closing bell today.

Larsen & Toubro stock price trades lower than 5, 20, 50, 100 and 200-day moving averages. The stock has fallen 1.5% in one week, 0.6% year-to-date and over 6% in one year.

In terms of volume, 1.60 lakh and 41.47 lakh shares changed hands on BSE and NSE counters. Today's volume was higher than the 5, 10, and 30-day average volume traded.

The share price of Larsen & Toubro (L&T) closed at Rs 1,291, declining 2.19% on BSE.

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