L&T Infotech stock falls over 3% as promoter proposes to offload stake in the company

New Delhi: Shares of Larsen & Toubro Infotech on 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 over subscription 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.