Shares of Larsen & Toubro (L&T) declined nearly 3%, touching the monthly low of Rs1,272.50, following news that it did not qualify for the $4 billion worth of contracts for the construction of the new Abu Dhabi Airport.
However, L&T refused to comment on this development, as per the reports.
If the order had come through, sources say it would have boosted the company's revenues as it is facing an order slowdown in Indian on the back of stringent government policies.
L&T along with its consortium partners had bid for the $12 billion project in November in an internationally competitive bidding. L&T was the leader of the consortium, as in the previous bidding for the Al-Salalah airport in Oman. It had expected to get up to $4 billion worth of contracts from the entire project.
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However, L&T refused to comment on this development, as per the reports.
If the order had come through, sources say it would have boosted the company's revenues as it is facing an order slowdown in Indian on the back of stringent government policies.
L&T along with its consortium partners had bid for the $12 billion project in November in an internationally competitive bidding. L&T was the leader of the consortium, as in the previous bidding for the Al-Salalah airport in Oman. It had expected to get up to $4 billion worth of contracts from the entire project.
....more info