L&T has clarified that Cognizant Technology Solutions ("CTS"), a longtime customer of Larsen & Toubro, had reached a settlement with the U.S. Department of Justice ("DOJ") and the U.S. Securities and Exchange Commission ("SEC") in which it has acknowledged violations of the U.S. Foreign Corrupt Practices Act ("FCPA") in connection with certain construction projects in India. This settlement appears to arise from an internal investigation by CTS that it first announced on September 30, 2016.
The company has said that it cannot comment on Cognizant"s decision to enter into these settlements, but it is not aware of any evidence that supports company's involvement in making the alleged improper payments. We confirm that neither we nor any of our employees are a party to the proceedings brought in the United States.
Shares of LARSEN & TOUBRO LTD. was last trading in BSE at Rs.1240.25 as compared to the previous close of Rs. 1243.25. The total number of shares traded during the day was 272561 in over 5116 trades.
The stock hit an intraday high of Rs. 1258.55 and intraday low of 1236. The net turnover during the day was Rs. 339769061.