L&T Shares Plunge 3% on Kuwait's $8.7 Billion Oil Project Tender Cancellation Fears

• Larsen & Toubro (L&T) shares dropped 3% after reports of Kuwait considering cancelling $8.7 billion oil project tenders.
• L&T was reportedly the lowest bidder for tenders worth over $4.5 billion, but the company clarified these projects were not in its order book.
• MEED reported that bids for Kuwait's five major upstream contracts exceeded budget, leading to cancellation discussions and potential re-bidding.
• L&T shares have fallen 7% in four consecutive trading sessions, reducing its market cap to Rs 5.34 lakh crore.
• Despite the share drop, L&T's Q2 FY25 net consolidated profit rose 15.6% to Rs 3926.09 crore, with revenue up 10%.

Why It Matters: L&T shares fell due to Kuwait's potential $8.7 billion oil project tender cancellation, despite strong Q2 FY25 financials.