L&T Finance Holdings shares fell 7% to Rs 82.65 on the BSE in intraday trading on Thursday, owing to hefty profit booking. At 09:52 a.m., the stock was down 5% at Rs 84.25, compared to a 0.9% drop in the S&P BSE Sensex. In the first 35 minutes of trading on the NSE and BSE, a total of 33 million equity shares were traded.

Also Read| ZEEL shares hit 15% upper circuit after Invesco withdraws EGM requisition

L&T Group’s stock has risen 37% in the last five trading sessions after its promoter Larsen & Toubro (L&T) bought 55.75 million equity shares representing a 2.3% ownership in L&T Finance Holding via open market transactions.

Also Read| Sensex falls over 500 points while Nifty around 17,100 in early trade

On Wednesday, the stock rose 18% after L&T bought Rs 348 crore for 41.49 million equity shares in L&T Finance Holdings. On the NSE, L&T purchased 21.22 million shares at an average price of Rs 83.52. The company has purchased an additional 20.27 million shares from the BSE. The names of the vendors were not immediately determined.

Also Read| Fuel prices: Petrol priced at Rs 97.01, diesel Rs 88.27 in Delhi on March 24, 2022

According to BSE trading statistics, L&T, which held 63.5% of L&T Finance Holdings at the end of December, purchased 14.3 million shares between March 17 and 21. This, together with Wednesday’s buy, would bring the promoter’s total purchase to 55.75 million shares, bringing the promoter’s stake to 65.8%.

Also Read| US Stock Market: DJIA, S&P500, Nasdaq and Russell ended over 1% down on Wednesday

On March 7, 2022, L&T Finance Holdings’ shares reached a 52-week low of Rs 58.50. Despite the recent recovery, the company has underperformed the market over the last year, losing 13% vs a 17% rise in the S&P BSE Sensex.

Also Read| Trending Stocks: Ruchi Soya, L&T, Nalco, Hero MotoCorp and others in news today

L&T Finance Holdings Limited recorded a net profit before tax of Rs 452 crore for the quarter ended December 31, 2021, an increase of 29% year on year and 41% quarter on quarter. According to the company’s quarterly financial report, its net profit after tax was Rs 326 crore, up 12% year on year and 46% quarter on quarter.