L&T extends loss after missing out NTPC order

Shares in Larsen & Toubro Ltd , India’s biggest engineering conglomerate, fell as much as 2.7 percent on Thursday, dropping for a second day after it missed out on a 160-billion-rupee bulk tender by utility NTPC , dealers said.

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The company, along with Japan’s Mitsubishi Heavy Industries, emerged as the third lowest bidder for the order.

“…This would be viewed in general as a negative for L&T’s power equipment joint venture with Mitsubishi,” Nomura said in a note. At 9:43 a.m, L&T shares were down 1.57 percent at 1,287 rupees.

Reuters