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L&T's A M Naik appointed non-executive chairman of Mindtree

After the exit of its co-founders, the share price of the IT firm lost about a quarter of its value in the last fortnight

L&T has so far received bids for 55.4 million shares

Mindtree on Wednesday said L&T Group Chairman A M Naik had been appointed non-executive chairman of the IT company. Naik's appointment is significant as the L&T boss was seen as the key person driving the takeover attempt. The company reported a sharp drop in its net profit for the first quarter of FY20, missing Street estimates. The IT firm on Wednesday reported 41 per cent dip in net profit on YoY basis to Rs 92.7 crore, while its revenues grew 12 per cent to Rs 1,834.2 crore for the quarter ended June 30. After the exit of its co-founders, the share price of the IT firm lost about a quarter of its value in the last fortnight.