L&T slumps after adjusted profit lags estimates

Tags: Companies
Shares in conglomerate Larsen and Toubro slump more than 5 percent on Wednesday after the company's April-June net profit, adjusted for exceptional items worth 2.49 billion rupees, missed estimates.

Exceptional gain represents gain on divestment of a strategic investment and stake in subsidiary companies, the company said in a statement on Monday.

The extent of losses in the hydrocarbons segment was also a negative surprise, analysts say.

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