L&T earnings raise multiple red flags: Citi
Jul 30 2014 , Mumbai
Earnings "were a warning that investors/analysts need to curb their enthusiasm,” the bank adds.
Deutsche Bank also downgrades L&T, to "hold" from "buy", citing concerns about valuations and says large order wins are in the low-margin hydrocarbons sector.
L&T falls as much as 7.9 percent, heads for biggest fall since July 2009.