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The share price of the legendary company Larsen & Toubro Limited has seen a decline of 0.64 percent today. Shares of the company were trading at the level of Rs 3090.15 on Monday morning. The reason for the drop in the company’s shares is the penalty imposed by Qatar. The company has informed that the Qatar Tax Department has charged Rs. 111.30 crore and Rs. Two penalties of 127.60 crore have been imposed. The penalty is levied because of the discrepancy between the company’s income claim and the tax department’s assessment.
Shares of the defense sector company took an upper circuit, the company got a job of 42 crores
The penalty has been imposed on the company for the period from March 2017 to March 2018. The company is going to file its petition against this penalty. Currently, it is the second largest company in the Middle East
The company got a big contract
Larsen & Toubro’s (L&T) hydrocarbon business has bagged a major contract in West Asia. Company Rs. Classifies projects worth more than 15,000 crores in the ‘large’ (ultra mega) category. However, he did not disclose the price of this contract. “L&T’s Hydrocarbons business (L&T Energy Hydrocarbons – LTEH) has received a letter of intent for a major contract from a reputed customer in West Asia,” the company said in a stock exchange filing.
Subramaniam Sarma, Whole Time Director and Senior Executive Vice President (Energy), L&T, said, “This major new customer contract reaffirms the global recognition of our capabilities and is an important milestone for our cross-border business.”