L&T Infotech hits lowest level since listing

Larsen & Toubro (L&T) Infotech was down 1% at Rs 638, trading at its lowest level since listing in July this year.

The stock is currently quoting 10% below its initial public offer (IPO) price of Rs 710. The company issued shares at Rs 710, a discount of Rs 10 per equity share, to retail investors.

Larsen and Tourbo’s information technology arm, L&T Infotech, had made a lukewarm stock market debut on July 21, 2016, with its shares dropping a little over 6% from its IPO price.

Post listing, the stock underperformed the market by falling nearly 9% from Rs 698, as compared to 1% rise in the S&P BSE Sensex. The S&P BSE Information Technology index decline 0.12% during the same period.

The stock hit a high of Rs 715 on the NSE on August 5, in intra-day trade.

L&T Infotech on July 28, posted a consolidated net profit of Rs 236 crore for the three month ended June 30, up 35.9% from a year-ago period. Total income grew 14.8% to Rs 1,593, compared with the corresponding period last year. Sequentially, the net profit was up 3.2%, while total income declined 0.9%.

Revenue in constant currency terms declined 0.3% sequentially, while it grew 12.1% over the last year.

Till 01:51 pm, a combined 180,309 equity shares changed hands on the BSE and NSE.

Larsen & Toubro Limited