Shares of MindTree plunged 13 per cent Monday after the IT firm's founders Krishnakumar Natarajan, Parthasarathy NS and Rostow Ravanan resigned from the board and executive roles.
The company's scrip tumbled 10.43 per cent to close at Rs 773.95 on the BSE. During the day, it tumbled 12 per cent to Rs 760.
On the NSE, shares dropped 13 per cent to close at Rs 772.50.
In terms of traded volume, 2.36 lakh shares were changed hangs on the BSE and over 60 lakh shares were traded on the NSE during the day.
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.
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