Larsen & Toubro (L&T) shares tumbled on Wednesday after the company's April-June net profit, adjusted for exceptional items worth Rs. 2.49 billion, missed estimates.
The company posted a jump of over 2 times in first quarter profit. The company reported a consolidated profit of Rs 9.7 billion for the quarter ended Jun. 30, 2014 as compared to net profit Rs 4.6 billion in the same period last year.
Total Income has increased by 10% to Rs 192.52 billion for the quarter ended June 30, 2014 from Rs. 175.05 billion for the corresponding quarter a year ago.
Shares of the company are trading at Rs 1,538.50, down Rs 106.25, or 6.46% at the Bombay Stock Exchange (BSE) on Wednesday at 9:51 a.m.
The scrip has touched an intra-day high of Rs 1,595 and low of Rs 1,513.45. The total volume of shares traded at the BSE is 398,777.