L&T Finance slumps on share-sale price discount

L&T Finance Holdings shares fell as much as 6.01 percent after the non-banking financial company set a floor price for its stake sale at 70 rupees per share, or an 11.5 percent discount to its Thursday closing price.

Larsen & Toubro Ltd, the promoter of L&T Finance, had earlier said it would sell up to a 3.23 percent of its stake, or 55 million shares on Friday. The company has an option to sell an additional 27 million shares, it said in an exchange filing.

L&T Finance shares were down 4.7 percent at 10:25 a.m.

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