L and T shares hit three week low on profit decline
Larsen and Toubro shares fell 3.6 percent to a three-week low after the Indian conglomerate reported a 3.1 percent decline in quarterly profit. The company also forecast revenue growth to slow to a range of 10 to 12 percent for the current fiscal year.
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LARSEN & TOUBRO LTD shares fell 3.6% in India during the morning after reporting a 3.1% quarterly profit decline. The stock hit a three-week low following the conglomerate's forecast of 10-12% revenue growth for the current fiscal year. Investors are reacting to a cooling growth outlook for the industrial giant as it navigates shifting infrastructure demand.
