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Mindtree share price falls over 2% after CFO resigns

BusinessToday.In     November 8, 2019

Mindtree share price fell in trade today after the firm said Pradip Kumar Menon had resigned as the chief financial officer of the company. Mindtree share price lost 2.11% to Rs 692 intra day compared to the previous close of Rs 706.95 on BSE.

Mindtree stock has lost 19.57% since the beginning of this year and fallen 17% since the beginning of this year. The IT stock opened at Rs 706.95 and traded in the red through the session. It closed 1.76% lower at Rs 694.50 on BSE. The firm said Menon would pursue career opportunities outside the company.

Menon will be relieved from the company's services on November 15.

"The company is in the process of taking necessary steps to fill the vacancy caused by the above," Mindtree said.

Mindtree, which is now controlled by engineering and construction major Larsen & Toubro, had reported 35 per cent year-on-year decline in its net profit at Rs 135 crore for the second quarter ended September 30. On a quarterly basis, its profit jumped 45.63 per cent as against Rs 92.70 crore in June quarter.

By Aseem Thapliyal

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