On the BSE, the stock dropped 5.29 percent to close at Rs 2,241.65. It fell 5.42 percent throughout the day to Rs 2,238.45.
It dropped 5.09 percent to conclude at Rs 2,244 on the NSE.
After the company announced that its non-executive chairman A M Naik has chosen to resign from his position and will now serve as chairman emeritus, shares of Larsen & Toubro fell more than 5% on Thursday.
The stock decreased 5.29% to close at Rs 2,241.65 on the BSE. It declined 5.42 percent throughout the day to Rs 2,238.45.
It dropped 5.09 percent to conclude at Rs 2,244 on the NSE.
The market value of the firm decreased by Rs 17,582.57 crore to Rs 3,15,059.92 crore.
The BSE Sensex fell 35.68 points, or 0.06 percent, to 61,904.52. The NSE Nifty fell 18.10 points, or 0.10 percent, to finish at 18,297.
During the day, 2.52 lakh shares of the company were traded on the BSE and around 94.70 lakh shares were traded on the NSE.
According to a regulatory filing, S N Subrahmanyan, the company’s chief executive officer and managing director, has been re-designated as chairman and managing director with effect from October 1, 2023.
Naik has chosen to stand down as non-executive chairman of the firm with effect from September 30, 2023. According to the board, he has been appointed chairman emeritus.
He has been with the firm for over 58 years, and his leadership has resulted in an increase in shareholder value generation.
Larsen & Toubro announced a 10% increase in its overall net profit to Rs 3,987 crore for the quarter ended March 2023 on Wednesday.
