The shares of Larsen & Toubro (L&T) dropped more than 4 percent on January 13 after reports suggested that Kuwait is discussing plans to cancel oil project tenders worth $8.7 billion.
The shares of the company fell to a one-month low of Rs 3,846 apiece in the afternoon trading hours of Tuesday. The stock has now fallen around 8 percent after hitting a fresh 52-week high of Rs 4,195 apiece on January 5.
Kuwait's discussions come after bids for several contracts came in well above the budget, raising concerns over cost efficiency and fiscal impact, media company MEED reported citing people familiar with the matter.
According to analysts quoted by CNBC-TV18, L&T was the lowest bidder in tenders worth more than $4.5 billion.
Moneycontrol couldn't independently verify the report.
The company clarified that the said that the projects referred to in the media reports were not part of the company’s order book. “Further, the Company can’t comment on the status of tenders or commercial decisions of its Clients,” it added.
Earlier in October, L&T had said that it is confident of exceeding its full year FY26 guidance of 10 percent in group order inflows.
"We have a strong order prospects pipeline of Rs 3.57 trillion for the [Energy Projects] segment in the near term, comprising of Hydrocarbon prospects of Rs 2.93 trillion, CarbonLite Solutions of Rs 0.46 trillion and the clean energy prospects of Rs 0.18 trillion. The Hydrocarbon prospects remain predominantly International with approximately 93% of the opportunities is overseas, while CarbonLite Solutions prospects are primarily domestic and clean energy is largely driven by gas to power opportunities," the company's management said.
International orders formed 49 percent of the company's order book as of September 30, 2025.
Earlier in the morning, L&T announced that its transportation business vertical has won a significant order (worth Rs 1,000-2,500 crore) for an arterial cable-stayed bridge over the Muri Ganga river in South 24 Parganas district of West Bengal.
L&T’s will construct the 2+2 lane 3.2 km Extradosed Cable-Stayed Bridge with a maximum span of 177m, along with 0.9 km approach road on Kakdwip side and 0.65 km approach road on Sagar Island side.
The bridge will be equipped with advanced traffic management systems, bridge health monitoring system, architectural bridge lighting and hybrid street lighting, along with all essential road furniture.
"This bridge to Sagar Island holds immense significance, as it will provide direct, all weather connectivity to the Island, which currently depends on ferry services that are often disrupted during adverse weather conditions. It will benefit over two lakh residents of Sagar Island by improving mobility, healthcare accessibility and economic prospects...Additionally, it will boost pilgrimage by ensuring safe and convenient travel for millions of devotees, from across India, to the annual Ganga Sagar Mela, the second-largest religious congregation after the Kumbh Mela," the company said.
L&T shares have fallen around 7 percent in the past five days, but gained nearly 10 percent in the past six months.
The stock currently has a P/E ratio of 28.87.
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