Shares of MindTree plunged nearly 11 percent in morning trade on Monday after the company’s founders Krishnakumar Natarajan, Parthasarathy NS, and Rostow Ravanan resigned from the board within 48 hours of L&T gaining control of the IT firm. 
The scrip was trading 10.91 percent down at Rs 769.75 at around 11.13 am (IST), while the BSE Sensex was down 617 points, or 1.56 percent, at 38,896.20 at around the same time.
Chairman Natarajan, vice chairman Parthasarathy NS and chief executive Ravanan have quit the company, the firm said in a regulatory filing Friday. 
 Mindtree had announced that L&T had acquired control of the company and had been categorized as a promoter with 60.06 percent stake in the company. L&T held 9.87 crore equity shares in Mindtree as on July 2 following its recently-concluded open offer.   
The founders had earlier opposed the L&T bid, terming it “hostile” and as a grave threat and value destructive to shareholders.  
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