2 BT representatives quit Tech Mahindra's board

Tech Mahindra today said two representatives of the UK's telecom company BT on its board has resigned.

"Richard Cameron and Nigel Stagg, directors of the company have tendered their resignations with immediate effect," Tech Mahindra said in a filing to the Bombay Stock Exchange (BSE).

BT has been gradually lowering its stake in Tech Mahindra and at present has close to 24% stake in the company.

Stagg, chief executive officer of BT Wholesale, and Cameron, chief financial officer at BT Operate, were representatives of BT on the board of Tech Mahindra.

Tech Mahindra, formerly Mahindra British Telecom, was formed as a joint venture between Mahindra and Mahindra Group and British Telecom in 1986.

 

Shares of Tech Mahindra closed at Rs 570.25 a piece today, down by 0.15% from its previous close on the BSE.