India's L&T Technology slumps as analysts cut PT post Q4 results

L&T Technology Services

26/04/2024 07:30

** Shares of L&T Technology Services  LTEH.NS  fall as much
as 9.5% to 4,690 rupees before paring some losses; last down
7.7% 
    ** Stock lowest since early December 2023, on track to log
steepest one-day drop since December 2021 
    ** Brokerage Morgan Stanley slashes PT on stock by 9%,
maintains "underweight" post its Q4 results 
    ** Q4 results, revenue guidance missed Morgan Stanley
estimates; adds co's "reset of margin expectations came as a
negative surprise"
    ** Nomura cuts PT to 3,700 rupees from 3,880 rupees earlier;
keeps "Reduce" rating, flagging a delay in medium-term margin
targets due to investments 
    ** At least 10 brokerages cut PT on stock post results,
while one firm cuts its rating, per LSEG data 
    ** Including session's losses, stock down ~9% YTD 



 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))