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L&T Finance Holdings share drops over 6% post Q3 earnings

L&T Finance stock is trading higher than 20, 50, 100 and 200-day moving averages but lower than 5-day moving averages

twitter-logoBusinessToday.In | January 18, 2021 | Updated 17:41 IST
L&T Finance Holdings share drops over 6% post Q3 earnings
During the quarter under review, company's total income declined to Rs 3,622.16 crore from Rs 3,735.79 crore in the year-ago quarter

L&T Finance share price fell over 6% in Monday's bearish session, after the non-banking financial company reported a 51% decline in its consolidated net profit at Rs 287.75 crore for the quarter ended December 2020 against Rs 591.47 crore in the year-ago quarter.

L&T Finance share opened with a loss of 2.09% today at Rs 102.90 against its previous close of Rs 102.90. The stock fell 6.76% to hit the day's low of Rs 98 on BSE. The stock also hit an intraday high of Rs 103.55.

L&T Finance stock is trading higher than 20, 50, 100 and 200-day moving averages but lower than 5-day moving averages.

L&T Finance stock fell 1.5% last week and over 21% in one year. Year-to-date, the stock has gained by 6%.

Market capitalisation of the company stood at Rs 19,969.44 crore as of today's session. The stock with Rs 10 face value has touched a 52-week high of Rs 134 and a 52-week low of Rs 46 this year.

During the quarter under review, company's total income declined to Rs 3,622.16 crore from Rs 3,735.79 crore in the year-ago quarter.

"Post Covid, the rural economy has performed better than urban and this trend is reflected in our disbursements, which are almost at pre-Covid levels. The festive season uptick and a steady recovery in collection volumes also underline our rural performance," L&T Finance Holdings MD Dinanath Dubhashi said.

"Our strong performance in infra disbursements should be seen alongside the sell-down volumes, which have increased on a YoY (year-on-year) basis," he added.

L&T Finance stock closed 5.33% lower on BSE at Rs 99.50 apiece.

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