AM Naik quits as L&T Chair, hands over ₹1.9-lakh crore empire to MD

AM Naik stepped down as Larsen & Toubro (L&T) Chairman. The 81-year-old handed over the reins of the ₹1,90,000-crore conglomerate to Managing Director (MD) SN Subrahmanyan. Naik, who has pledged 75% of his wealth to charity, joined L&T as Junior Engineer in 1965 and rapidly rose to positions of MD, CEO and Chairman. He'll now be Chairperson of employees trust.