Besides, company CEO K Venkataramanan has also sold a part of his stake in the company, amounting to Rs 1.26 crore, in the same period, Larsen & Toubro informed BSE through a series of filings.
Naik offloaded 2.25 lakh shares out of 24,67,500 shares he had in Larsen & Toubro in four tranches during March 10-18, amounting to Rs 28,29,90,710 crore.
Post transactions, he holds 0.242 per cent stake or 22,42,500 shares in the company, according to filings .
Venkataramanan sold 10,000 shares, out of 8,52,873 shares he holds in L&T, for about Rs 1.26 crore on March 14. He now has 8,42,873 shares of the company, amounting to 0.091 per cent stake.
L&T is one such company that does not have a promoter. Its largest shareholder of L&T is Life Insurance Corporation of India, which held 17.06 per cent stake as on December, 2013.
L&T Employees Welfare Foundation, with 11.80 per cent stake, and Government of India through the Administrator of the Specified Undertaking of the Unit Trust of India (8.20 per cent stake) are its second and third largest shareholders respectively.
None of the company executives, including chairman Naik, holds more than 1 per cent stake in the company.
L&T shares fell 1.17 per cent to close at Rs 1240.80 a piece on the BSE in an overall volatile market.