L&T Finance slips into red
By
Research Desk
about 10 years ago
L&T Finance is amongst the top three losers on the BSE currently. The stock opened much weaker and tanked to an intra day low at Rs.77.55. It presently remains almost 3.5% down.
The stock has slipped into the red since morning, reacting to the floor price it announced yesterday. The company plans to sell 16.5 million shares to institutional investors at Rs.74/share, which was at a discount of 10% over yesterday’s closing price. The market is disappointed with this discounted price and is reacting accordingly.
This Offer for sale, which happens at a seprate window represents 0.96% of the company’s capital.