Mindtree hits 52-week low; stock dips 17% in two days after top mgt resigns

Mindtree shares extended losses on Tuesday and slipped 4 per cent intra-day to hit a new 52-week low of Rs 736. The downward trend, which led to a fall of 17 per cent in the stock’s value in the past two days, began after three founders of the Bengaluru-based IT services company resigned following a change of control.

The stock fell below its previous low of Rs 753 touched on October 26, 2018 in the intra-day deals. Meanwhile, the stock on Monday turned ex-date for dividend of Rs 24 per share.

Last week, Larsen & Toubro (L&T) was categorised as the new ‘promoter’ of the IT firm after the former acquired 60.06 per cent stake in it.