Mindtree shares tumble 14.6% after three founders resign from IT company's board, executive roles

The Mindtree founders had vehemently opposed the L&T bid, terming it hostile and as a grave threat and value destructive to shareholders.

Press Trust of India July 08, 2019 14:06:50 IST
Mindtree shares tumble 14.6% after three founders resign from IT company's board, executive roles
  • At the board meeting held on 5 July, Natarajan, Parthasarathy and Ravanan submitted their resignations

  • Earlier last week, Mindtree had announced that L&T had acquired control of the company

New Delhi: Shares of Mindtree plunged 14.6 percent on Monday after the IT firm's founders Krishnakumar Natarajan, Parthasarathy NS and Rostow Ravanan resigned from the board and executive roles.

The scrip tanked 12 percent to Rs 760 on the BSE.

Mindtree shares tumble 146 after three founders resign from IT companys board executive roles

A file photo of Rostow Ravanan. Reuters

On the NSE, shares tumbled 14.57 percent to Rs 759.

Chairman Natarajan, Vice Chairman Parthasarathy NS and Chief Executive Ravanan have quit the company, the firm said in a regulatory filing Friday.

The founders had vehemently opposed the L&T bid, terming it hostile and as a grave threat and value destructive to shareholders.

"...at the board meeting held on 5 July, 2019, Krishnakumar Natarajan (executive chairman), Parthasarathy NS (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 of Mindtree and as employees of the company," Mindtree said in a regulatory filing.

Earlier last week, Mindtree had announced that L&T had acquired control of the company and had been categorised as a promoter with 60.06 percent stake in the company.

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