L&T Chairman, CEO offload stake in company

Naik has sold 1.25 lakh shares, while Venkataramanan sold 10,000 shares

Two top officials of Larsen and Toubro (L&T) Executive Chairman A M Naik and CEO K Venkataramanan sold part of their stakes in the company last week.

In separate filings to the BSE, L&T said that Naik has sold 1.25 lakh shares for Rs 15.70 crore, while Venkataramanan sold 10,000 shares for Rs 1.26 crore.

Both transactions took place on March 14 and the company was informed the same day, the filing showed.

After the sale, Naik holds 23,17,455 shares of L&T of Rs 2 each, amounting to 0.25% stake in the company.

Similarly, Venkataramanan now holds 8,42,873 shares of L&T, amounting to 0.091% stake.

On March 10 and 11, Naik had sold 25,045 shares of L&T for Rs 3.12 crore in two tranches.

Shares of the company were trading at Rs 1240.10 apiece on the BSE at 1350 hours, down 1.23% from the previous close.