L&T not to buy, sell Satyam shares: Chairman

Reuters
Posted: Friday, Jan 09, 2009 at 1051 hrs IST
Updated: Friday, Jan 09, 2009 at 1051 hrs IST

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Mumbai: Larsen & Toubro has no intention of either buying more shares or selling its stake in software services firm Satyam Computer Services, L&T's chairman said on Friday.

"We have no intention of buying or selling at this point in time," A.M. Naik said on a TV channel.

Shares in Satyam slumped more than 70 per cent in early trade, following nearly 80 per cent slide on Wednesday after the Indian outsourcer said it had overstated profits for many years.

L&T had bought shares in Satyam earlier this month and holds 3.95 per cent, Naik said.

At 0456 GMT, shares in L&T were trading down 5.6 per cent at 732 rupees in the Mumbai market.

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