Shares of Larsen & Toubro Infotech Monday defied broader market trend and slumped more than 3 per cent in morning trade after its promoter L&T proposed to offload stake in the company.

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In a regulatory filing Larsen & Toubro Infotech last Friday said its promoter Larsen & Toubro Ltd (L&T) proposes to sell its stake in the company.

L&T proposed to sell up to 59 lakh equity shares representing 3.41 per cent of the total paid up equity share capital of Larsen & Toubro Infotech, with an over subscription of 46.28 lakh equity shares representing 2.67 per cent though stock market route on Monday and Tuesday.

Reacting to the development, shares of Larsen & Toubro Infotech opened on a negative note at Rs 1,732, then fell to a low of Rs 1,730, down 3.68 per cent over its previous closing price.

Similar movement was seen on the NSE as well, where the stock opened at Rs 1,734, then fell to a low of Rs 1,729.80, down 3.77 per cent over its last close.

The floor price of the offer will be Rs 1,700 per equity share of the company.

For the quarter ended June, L&T had 14,03,11,322 shares amounting 81.54 per cent stake in L&T Infotech.