Remain invested in L&T, says Ashu Madan

Ashu Madan of Religare Securities told CNBC-TV18, "The worst is over for Larsen and Toubro (L&T), from Rs 1,400 to Rs 1,000 and back to Rs 1,500 level post quarterly numbers which surprised certainly but important is post those numbers it has held on to that level after huge gap up and the run-up it is holding to the levels, even market corrects, it is not breaching Rs 1,450-1,475 band, so that shows a lot of strength."He further added, "It is a play on the economic recovery and if economic recovery happens, which certainly looks like, worst is over for L&T and in times to come we could see much higher levels. So a long-term investor should certainly hold and not bother about it."