Mindtree dips 10% on resignation of 3 co-founders as L&T takes control

Mindtree shares dipped 10 per cent to Rs 781 in early morning trade on the BSE on Monday after three founders of the Bengaluru-based IT services company resigned following a change of control. The stock was trading close to its 52-week low price of Rs 753 touched on October 26, 2018 in intra-day deal.

Last week, Larsen & Toubro (L&T) was categorised as the IT firm’s ‘promoter’ after the acquisition of 60.06 per cent in Mindtree.

In an exchange filing on Friday, Mindtree said its Executive Chairman Krishnakumar Natarajan, Executive Vice-Chairman and Chief Operating Officer (COO) N S Parthasarathy, and Managing Director and Chief Executive Officer (CEO) Rostow Ravanan had put in their papers as members of the board and as well as employees of the company.