Citi, Barclays downgrade L&T; stocks dip

Shares of the Larsen & Toubro Ltd dipped after Citigroup and Barclays downgraded the company on account of order cancellations and weak investment cycle.

As per reports, Citi downgraded L&T to 'neutral' from 'buy' and cut its target price to Rs 1,732 rupees from Rs 1,855.

Barclays downgraded L&T to 'equal-weight' from 'overweight' and cut target price to Rs 1,750 from Rs 1,851.

Shares of the company was seen trading at Rs 1564, lower by 1.51% or 23 points on BSE at 12.35 pm IST. It touched an intra-day low of Rs 1,559.

Last month, Infrastructure major Larsen and Toubro (L&T) its construction division had secured orders worth Rs 1,009 crore in little over one-and-a-half months.

Recently, Sharekhan was bullish on the stock and had recommended buy rating with a target price of Rs 1788 in its December 27, 2012 research report.

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