An update on the National Securities Depository (NSDL) website suggested that the foreign investment limit in Larsen and Toubro (L&T) is increased to 74 percent from existing 49 percent. On back of that, the stock soared in trade on Monday.
However, a note from Macquarie suggested that it was a mistake from NSDL. The management of the company also said that the 74 percent increase in limit doesn’t apply to them.
The company has also asked NSDL to reverse to FPI limit back to 49 percent. Post this flip-flop, the stock closed almost 4 percent lower.
A few weeks back, NSDL had done a similar mistake with Bharti Airtel where they had increased the FII limit to 100 percent.For more details, watch video.