Larsen & Toubro (L&T) is an Indian multinational engaged in technology, engineering, construction, Has declared an interim dividend of 500% or Rs 10 a share on face value of Rs 2 each.

The company in its regulatory filing to stock exchanges said, ''We wish to inform you that the board of directors of the company through resolution passed by circulation today have approved first interim dividend of Rs.10 a share i.e. 500% on face value of Rs.2 each, for the financial year 2019-20.''

Larsen & Tubro has set the record date for the purpose of payment of dividend as Thursday, March 26, 2020. ''The interim dividend will be paid within stipulated timelines as prescribed under law,'' concluded the filing.

Shares of the company declined Rs 64.65, or 6.67%, to settle  at  Rs 904.05.  The total volume of shares traded  was  299,066 at  the BSE (Wednesday).