L&T Shares Plunge on Kuwait Tender Rumors, Company Issues Clarification

• Larsen & Toubro (L&T) shares fell sharply after rumors of Kuwait canceling $8.7 billion tenders spread in the market.
• Investors feared the cancellations would impact L&T's Middle East business, leading to a 4% intraday drop.
• L&T clarified that the rumored canceled tenders were not part of its order book and existing projects in Kuwait are unaffected.
• The company urged investors to rely on official communications and avoid rumors, stating the panic was due to an incorrect connection.
• Despite the short-term panic, L&T's fundamentals remain strong with a robust order book and continuous new orders in various sectors.

Why It Matters: L&T shares dropped due to false rumors about Kuwaiti tender cancellations, but the company clarified its unaffected status.