L&T shares plunge 3% after Nomura big downgrade – Target cut on valution, execution risks
Larsen & Toubro's share price plunged over 3% due to a downgrade by Nomura, citing disappointing quarterly results, decelerating growth targets, and high valuations. The company's Q4 performance was weaker than expected, with execution challenges and supply disruptions. Nomura also finds L&T's ambitious order inflow guidance and decelerating long-term targets concerning.