L&T Shares Plunge 6%, Market Cap Drops Rs 28,737 Cr

New Delhi, May 9 (PTI) Shares of Larsen & Toubro (L&T) on Thursday tanked 6 per cent, wiping out Rs 28,737.44 crore from its market valuation, after the company's March quarter earnings failed to cheer investors.

The stock dropped 6 per cent to settle at Rs 3,276.15 apiece on the BSE. During the day, it lost 6.25 per cent to Rs 3,267.20.

On the NSE, shares of the firm went lower by 6 per cent to Rs 3,275.45 each.

The company's market capitalisation (mcap) slumped Rs 28,737.44 crore to Rs 4,50,362.06 crore.

It emerged as the biggest laggard on both the BSE Sensex and NSE Nifty firms.

Declining for the third day running, the 30-share BSE Sensex dropped 1,062.22 points or 1.45 per cent to settle at 72,404.17. The NSE Nifty dived 345 points or 1.55 per cent to 21,957.50.

Engineering and construction major Larsen & Toubro on Wednesday reported a 10.2 per cent increase in consolidated net profit at Rs 4,396.12 crore in the March 2024 quarter on the back of higher income.

The company had posted a consolidated net profit of Rs 3,986.78 crore in the year-ago period.

The consolidated income of the company rose to Rs 68,120.42 crore in the latest March quarter from Rs 59,076.06 crore recorded in the year-ago period, L&T said in a filing to BSE.

In a statement, the company said that for the quarter ended March 2024, the profit after tax (PAT) stood at Rs 4,396 crore, showing a growth of 10 per cent year on year.