L&T Shares Plunge 3% Amid Kuwait Tender Cancellation Fears; Company Clarifies Position
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CNBC Awaaz•13-01-2026, 14:45
L&T Shares Plunge 3% Amid Kuwait Tender Cancellation Fears; Company Clarifies Position
- •L&T shares dropped 3% to a one-month low after reports of Kuwait considering canceling $8.7 billion oil project tenders.
- •Media reports suggested L&T was the lowest bidder for over $4.5 billion worth of projects within these tenders, raising concerns about order flow.
- •L&T issued a clarification to the stock exchange, stating the mentioned Kuwait projects were not part of its existing order book.
- •The company emphasized it does not comment on clients' tender statuses or commercial decisions, effectively refuting direct impact.
- •Despite the dip, L&T maintains a strong order book guidance, expecting over 10% growth in FY26, with significant international exposure.
Why It Matters: L&T shares fell due to unconfirmed Kuwait tender cancellations, but the company clarified no direct impact on its order book.
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