MindTree shares hit 52-week low

Shares of IT services firm MindTree fell to a 52-week low of Rs 442.50 after the company8217;s chairman Ashok Soota resigned,three dealers said. Soota8217;s resignation comes at a time when company is on the recovery path and raises concern on its recovery,JM Financial said in a note. Soota,who has announced intentions to start his own business venture,will impact MindTree8217;s existing revenues,the brokerage added downgrading the stock to 8216;hold8217; from 8216;buy8217;. It cut the price target to Rs 515 from Rs 660. At 12:37 p.m.,shares were down 13.28 per cent at Rs 447.