Mumbai, Jan 13 Shares of Larsen & Toubro came under sharp selling pressure on Tuesday after media reports suggested that Kuwait is considering cancelling oil project tenders worth $8.7 billion.
L&T said the projects mentioned in the reports were not part of its current order book.
“With reference to the media report regarding discussions on possible cancellation of certain oil project tenders in Kuwait, the Company would like to clarify that the projects referred to in the said report were not part of the Company’s order book,” L&T said in its stock exchange filing.
The company added that it cannot comment on the status of tenders or the commercial decisions taken by its clients, seeking to allay investor concerns triggered by the news.
“Further, the company can’t comment on the status of tenders or commercial decisions of its clients,” it added.
Despite the clarification, the stock fell nearly 4 per cent during the session and slipped to a one-month low of Rs 3,846 in afternoon trade.
L&T shares have now declined around 8 per cent from their recent 52-week high of Rs 4,195, which was touched on January 5.
At the closing bell, the shares were at Rs 3,890, down by Rs 129 or 3.21 per cent on the National Stock Exchange (NSE).
According to a report by MEED, Kuwait is reviewing several oil project tenders after bids for multiple contracts came in significantly above budget.
The discussions are reportedly centred on cost efficiency and the potential fiscal impact of such high-value projects.
Earlier, in October, L&T had expressed confidence about its growth outlook, saying it expects to exceed its full-year FY26 guidance of 10 per cent growth in group order inflows.
The company had highlighted a strong near-term order pipeline of Rs 3.57 trillion for its energy projects segment.
This pipeline includes hydrocarbon prospects worth Rs 2.93 trillion, CarbonLite Solutions opportunities of Rs 0.46 trillion, and clean energy prospects of Rs 0.18 trillion.
L&T had also noted that hydrocarbon opportunities are largely international, with about 93 per cent of these prospects coming from overseas markets, while CarbonLite Solutions are mainly domestic and clean energy projects are driven largely by gas-to-power opportunities.
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