LT Finance drops nearly 4% on Macquarie downgrade report

L&T Finance Holdings , a subsidiary of engineering conglomerate Larsen and Toubro, went down as much as 3.6 percent in early trade on Wednesday as the research firm Macquarie downgraded the stock to underperform rating with a target price of Rs 53.

"The stock has outperformed the index by nearly 50 percent on hopes of getting a banking license. Valuations are very expensive considering the losses in the AMC business and weak profitability," Macquarie reasoned.

At 10:20 hours IST, shares fell 1.23 percent to Rs 84 on Bombay Stock Exchange.

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