Shares in Larsen & Toubro Ltd recovered and were trading around 1 percent higher after falling as much as 2.7 percent in morning trade as the World Bank barred the company from participating in any of the organisation's projects for six months.

L&T said on Saturday the World Bank sanctions were "not expected to have material impact on the Company's present or future operations or its profitability or financials," according to an exchange filing.

L&T shares were up 0.82 percent as of 12:49 p.m.