Kuwait's $8.7 Billion Oil Tender Cancellation Scare Hits L&T Shares, Down 4%

• Larsen & Toubro (L&T) shares dropped over 4% on January 13 due to reports of Kuwait discussing cancellation of $8.7 billion oil project tenders.
• The stock fell to a one-month low of Rs 3,846 apiece, marking an 8% decline from its 52-week high on January 5.
• Kuwait's discussions stem from bids for several contracts exceeding budget, raising cost efficiency and fiscal impact concerns.
• L&T clarified that the projects mentioned in media reports were not part of its existing order book and declined to comment on client decisions.
• Despite the dip, L&T recently secured a significant order (Rs 1,000-2,500 crore) for a cable-stayed bridge over the Muri Ganga river in West Bengal.

Why It Matters: Kuwait's potential $8.7 billion oil tender cancellation caused L&T shares to fall, despite the company clarifying no direct impact.