Mindtree plunges 14% as top management resigns

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Mindtree said it would announce a new leadership team in due course.




Mindtree shares fell 14 percent intraday on July 8 as leaders in management resigned after Larsen & Toubro acquired a controlling stake in the company.

"Krishnakumar Natarajan, Executive Chairman, N S Parthasarathy, Executive Vice Chairman and Chief Operating Officer and Rostow Ravanan, CEO and Managing Director have submitted their resignations as members of the board of directors and as employees of the company," the technology services and digital transformation company said in its BSE filing on July 5.

The company said they will stay as board members till July 17 and as employees in line with their employment contracts to ensure a smooth transition. "Further, along with the other founders of the company, they have asked the company to de-classify them as promoters under applicable laws," it added.


Mindtree said it would announce a new leadership team in due course.

The resignation by three board members came after infrastructure major Larsen & Toubro acquired more than 60 percent stake in IT company last week.

Last month, Mindtree's board appointed five new directors, including SN Subrahmanyan, L&T CEO and Managing Director. The other new board members include Jayant Damodar Patil, who was appointed as a non-executive director.

Patil is a full-time director in L&T and Senior Executive Vice President for L&T's Defence Business. Ramamurthi Shankar Raman, who has been appointed as a non-executive director, is the full-time director and Chief Financial Officer in L&T.

The stock was quoting at Rs 778.65, down Rs 109.90, or 12.37 percent on the BSE at 10:52 hours IST.


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