Market regulator SEBI on Friday rejected India's largest engineering and construction company Larsen & Toubro's (L&T) ₹9,000-crore share buyback. The regulator rejected the proposal citing a sharp rise in the debt-to-equity ratio of the company if the buyback went through. The government which holds 1.8% stake in L&T was looking to participate in the buyback to raise funds through divestment.