Udayavni Special

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.

On the NSE, shares tumbled 14.57 per cent 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 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.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Talks of Gau Rakshana merely to attract voters?

Bharat Biotech finds Covaxin 81pc efficient in Phase 3 trials

EPFO retains 8.5 pc interest on EPF deposits for 2020-21

India bowl out England for 205 on day one of 4th Test

Kerala BJP pitches for making “Metroman” Sreedharan NDA CM candidate

Few OTT platforms show pornographic content at times, says Supreme Court

Mangaluru ranks 20th in Ease of Living Index



Related Articles More

Petrol price can come down to Rs 75 if brought under GST, but there is lack of political will: SBI Economists

Sensex dives 726 points in early trade tracking global sell-offs

Jay Chaudhry, Himachal man who once studied under a tree is among world’s top billionaires today

Govt can cut excise duty on petrol, diesel by Rs 8.5/litre without hurting revenues, say analysts

Amazon changes its logo as old one resembled Hitler’s moustache

MUST WATCH

Udayavani News Bulletin 04-March-2021

Puttur: 2 labourers killed after mound of mud caves in

Crops destroyed after Saltwater flows into the fields

Forest fire at Nagarhole Tiger Reserve

What are the health problems caused by tight-fitting clothes?

Latest Additions

Talks of Gau Rakshana merely to attract voters?

Shivamogga man in UAE wins 24 crores in lucky draw: report

Bharat Biotech finds Covaxin 81pc efficient in Phase 3 trials

EPFO retains 8.5 pc interest on EPF deposits for 2020-21

Former TMC leader does squats on stage after joining BJP

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.