In a surprise move L&T has appointed K. Venkataramanan as CEO and Managing Director, while AM Naik will continue as the Executive Chairman of the Group.
The Board of Directors of L&T decided to bifurcate the position of Chairman and Managing Director into two positions.
The Board has stated that it is confident that the step will benefit all stakeholders. The shares of L&T were trading at Rs 1299.80, up Rs 62.95 on the BSE at 10.50 am.
L&T like other infrastructure players has over the last few quarters suffered from slow down in orders . This has led to the stock seeing a sharp sell off in the month of December to almost the Rs 980 levels. GoodReturns.in
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