Exit L&T, may slip to 3-digit mark: Ashu Madan

Ashu Madan of Religare Securities told CNBC-TV18, "In Larsen and Toubro (L&T) since Rs 1,500 level we are having a short call on this and probably I will not be surprised if this stock goes into three digits also. It sounds aggressive, it may not happen but in no situation I would be a buyer in this stock only because it has been an old blue chip and the way market ran, everybody latched on to L&T because they thought that this could be the next frontliner stock which will give them lot of returns but unfortunately everybody looks trapped and I still see that people are amaze to see the levels L&T currently trading at, but as I said I will not be surprised even if I see L&T in three digits."He further added, "It has a very limited upside, not that it cannot go on at much higher levels from these levels but the right thing to do is first available opportunity, get out of it and get into some other stock."