Giant Indian engineering company hit by six-month World Bank ban
AFPMUMBAI -- Shares in Indian engineering firm Larsen & Toubro, one of the country's biggest companies, were down in early trade on Monday after it was banned from World Bank-funded projects for six months.
March 12, 2013, 11:43 am TWN
Shares fell as much as 2.7 percent after the sanctions were applied from March 7 to Sept. 6. The World Bank enforced the ban after finding that an employee of the company had forged documents to win a supply deal five years ago.
Larsen & Toubro (L&T) said in a statement on the Bombay Stock Exchange website that the sanctions were “not expected to have material impact on the company's present or future operations or its profitability or financials.”
The World Bank found L&T had failed to stop the employee from forging documents to help secure a contract to supply ultrasound scanners for a health project in India's southern Tamil Nadu state in 2008.