MindTree shares tumble after chairman, CEO quit

Team Udayavani, Jul 8, 2019, 1:30 PM IST

Bengaluru: Shares of MindTree plunged 14.6 per cent 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 per cent to Rs 760 on the BSE.

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 July 5, 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 per cent stake in the company.