L&T, Mindtree slip after hostile bid for IT firm

Shares of IT services company Mindtree Ltd and conglomerate Larsen & Toubro Ltd (L&T) fell on Tuesday after L&T said it agreed to buy a fifth of Mindtree and aimed for a much bigger stake via market deals and an open offer.

The Mindtree stocks ended lower by 2.03 per cent in the BSE index Sensex at Rs 943, while the stock of L&T Ltd ended lower at 1,356.75 down 1.6 per cent.

L&T said it would buy a 20.32 per cent stake in Mindtree from coffee baron V G Siddhartha and companies related to him – Coffee Day Enterprises and Coffee Day Trading.