L&T dips over 2% after Nomura downgrade stock to 'reduce' from 'buy'

Triggered by the news that Nomura downgraded engineering major's stocks from 'buy' to 'reduce', shares of Larsen & Toubro (L&T) Ltd, continued its losing streak and dipped over 2 per cent on the Bombay Stock Exchange in early trading.

Reacting to the news, shares of the company started the day on weak note and witnessed a fall of as much 2.10 per cent to Rs 1,138.90 a piece on BSE.

There was also contraction in volume of trade with 1.03 lakhs shares changing hands till now compared to average of 5.89 lakhs shares in daily trade on BSE.

In a similar fashion, shares of the company were trading at Rs 1,148.70, down 1.28 per cent on the National Stock Exchange.

Meanwhile, the broader benchmark Sensex was quoting at 15,887.01, down 183.47 points or 1.14 per cent at 10:20 hours.