The NSE Nifty 50 index and the BSE Sensex have fallen more than 1% in early morning trade after China's regulators halted trading for the day following a sharp plunge in Chinese shares.

The S&P BSE Sensex tumbled 2.05% or 534 points to close at 25,627, its sharpest single day fall since September 22, 2015, due to the weak Chinese manufacturing data. The Nifty50 plunged 171 points to end at 7,793.

The move has taken the academic circles by surprise given Mr Naik's huge interest and involvement in the growth of IIMA. Speculations within the academia point towards ego tussles between the institute and the HRD ministry which however remain unconfirmed.

Management’s decision to change the company’s focus to asset light businesses and unlocking value from its subsidiaries/JVs over the past two years and going forward (real-estate, Dhamra & Kattupalli ports, L&T Finance, L&T Infotech).

"The construction arm of L&T has won orders worth Rs 1,178 crore across various businesses in December 2015", the company said in a filing to the BSE.

But experts said volatility is something Dalal Street will have to deal with at least for some more time. In the meantime, individual counters will continue to see strong activity as there is no dearth of buying opportunities for alert investors.

Meanwhile, the company has secured orders worth Rs 1,960 crore across business segments.

The company's construction arm has secured these contracts in different businesses including water and effluent treatment projects, Larsen & Toubro said in a BSE filing.

These firms have been asked to submit proposals by January 15, 2016 to build the FICV, a tracked, armoured battle-taxi, which will be operated by three crewmembers and carry eight combat soldiers into battle. As per the EoI, the FICV must be air-portable by IL-76 and C-17 aircraft, and fire anti-tank guided missiles up to 4,000 metres.