January 21, 2019 / 4:10 AM / 6 months ago

BUZZ-India's L&T on track for worst day in over 3 mths; SEBI advises against buyback

** Construction giant Larsen & Toubro Ltd’s shares drop as much as 3.4 pct to 1,273 rupees, lowest since Oct 31

** Stock posts biggest daily pct loss since Oct 1

** India’s capital market regulator, SEBI, advised co against proceeding with proposed share buyback worth 90 bln rupees ($1.26 bln), co said on Saturday

** “The ratio of the aggregate of secured and unsecured debts owned by the company after buyback (assuming full acceptance) would be more than twice the paid-up capital and free reserves,” SEBI said in its letter shared by co

** L&T board had approved the buyback proposal on Aug 23

** CLSA says given the resolute focus on ROE enhancement, co might approve a one-time large dividend this week

** More than 2.4 mln shares change hands as of 0400 GMT versus 30-day avg volume of 1.9 mln ($1 = 71.4770 Indian rupees)

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