Shares of Larsen and Toubro (L&T) today tanked nearly 8 per cent after the infrastructure conglomerate reported 12.46 per cent decline in standalone net profit for the quarter ended June 30,2013. The scrip ended at Rs 901.95,down 7.46 per cent from its previous close on the BSE. At the NSE,the stock settled at Rs 900,7.60 per cent lower. The stock was the top loser on both key indices Sensex and Nifty. Despite a positive opening,shares of the company went into a tailspin soon after results were announced. L&T today reported 12.46 per cent decline in standalone net profit to Rs 756.03 crore for the quarter ended June 30 on subdued revenue growth and a drop in other income. The company had posted a net profit of Rs 863.65 crore during the corresponding quarter of the previous fiscal. Net sales grew 5 per cent to Rs 12,555.06 crore during the quarter from Rs 11,956.35 crore in Q1 of 2012-13,it said in a filing to the BSE. The company's revenue was impacted by a 44 per cent fall in the power business segment at Rs 1,274.94 crore and an almost 18 per cent fall in the metallurgical and material handling business at 1,086.92 crore.
