Shares of Larsen & Toubro Infotech falls over 3% in morning trade

Shares of Larsen & Toubro Infotech Monday defied broader market trend and slumped more than 3 percent in morning trade after its promoter L&T proposed to offload stake in the company.

In a regulatory filing Larsen & Toubro Infotech, last Friday said its promoter Larsen & Toubro Ltd (L&T) proposes to sell its stake in the company.

L&T proposed to sell up to 59 lakh equity shares representing 3.41 percent of the total paid up equity share capital of Larsen & Toubro Infotech, with an oversubscription of 46.28 lakh equity shares representing 2.67 percent though stock market route on Monday and Tuesday.

Reacting to the development, shares of Larsen & Toubro Infotech opened on a negative note at Rs 1,732, then fell to a low of Rs 1,730, down 3.68 percent over its previous closing price.

Similar movement was seen on the NSE as well, where the stock opened at Rs 1,734, then fell to a low of Rs 1,729.80, down 3.77 percent over its last close.

The floor price of the offer will be Rs 1,700 per equity share of the company.

For the quarter ended June, L&T had 14,03,11,322 shares amounting 81.54 percent stake in L&T Infotech.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)