Last March, L&T General Insurance, a unit of construction and engineering company Larsen & Toubro, and Future Generali had signed an agreement to merge the businesses.
Larsen and Toubro Ltd said on Monday its unit had called off talks with Future Generali Insurance, a joint venture between local retail chain operator Future Group and Italy's Generali, to merge their businesses.
The company did not give any reason for ending the merger talks.
Last March, L&T General Insurance, a unit of construction and engineering company Larsen & Toubro, and Future Generali had signed an agreement to merge the businesses.
After the deal, L&T was expected to hold a 51 percent stake in the joint venture, with Generali holding 26 percent and the rest with Future Group.
Larsen stock price
On April 21, 2014, Larsen and Toubro closed at Rs 1322.15, up Rs 51.35, or 4.04 percent. The 52-week high of the share was Rs 1325.80 and the 52-week low was Rs 678.10.
The company's trailing 12-month (TTM) EPS was at Rs 51.37 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 25.74. The latest book value of the company is Rs 272.53 per share. At current value, the price-to-book value of the company is 4.85.
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