Shares of Larsen & Toubro on Thursday tumbled over 5 per cent after the company said its non-executive chairman A M Naik has decided to step down from the post and will become the chairman emeritus.
The stock fell 5.42 per cent to Rs 2,238.45 on the BSE.
At the NSE, it tumbled 5.37 per cent to Rs 2,237.35.
The company’s market valuation declined by Rs 16,099.79 crore to Rs 3,16,549.73 crore in morning trade.
Larsen & Toubro (L&T) was the biggest laggard among the 30-share BSE Sensex firms.
S N Subrahmanyan, who is the chief executive officer & managing director, has been re-designated as the chairman and managing director of the company with effect from October 1, 2023, according to a regulatory filing.
Naik has decided to step down as non-executive chairman of the company with effect from September 30, 2023. He has been conferred the status of chairman emeritus by the board, it said.
He has been associated with the company for more than 58 years and his stewardship has led to an upsurge in shareholder value creation.
Larsen & Toubro on Wednesday reported a 10 per cent rise in its consolidated net profit to Rs 3,987 crore for the quarter ended in March 2023.
