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L&T Finance Holdings dips 10pct after 2 week rally
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Tuesday, 20 Nov 2012
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Business Standard reported that L&T Finance Holdings has dipped 10% to INR 75.50, extending 3% fall after rising over 50% in past 2 weeks on the Bombay Stock Exchange.

The stock opened at INR 83.75 and has seen a combined 18.38 million shares have changing hands on the counter till early noon deals on both the exchanges.

LTFH, which is the financial services arm of Larsen & Toubro Ltd, has rallied 65% in past 2 weeks to INR 89.25 from INR 54 on November 2nd, on back of heavy volumes.

Meanwhile, with reference to increase in share price, the company said that "While it is not within the purview of the company to comment on the trades or share price, the company is concerned about certain reports/rumors regarding merger and acquisition activities which may have some association with the spurt in volume and/or price.”

It said that “You will appreciate that it would not be possible or prudent for the company to be responding in any manner to rumor or speculation. We do however wish to clarify that as part of its growth strategy the company pursues both organic and inorganic opportunities on an ongoing basis and appropriate public announcement of any new development with regard to the company is made in accordance with applicable law.”

Source - Business Standard


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