Naik has sold his 5.67 lakh shares in the company worth about Rs.71.99 crore in last 20 days, company's filings to the BSE in March showed.
Two other top officials, CEO K Venkataramanan and whole time director Shailendra N Roy, have also offloaded part of their shares in the same period.
Chairman Naik has offloaded 0.058 per cent, out of 0.266 per cent he had in the company, in as many as 6 transactions since March 10, amounting to Rs. 71,98,59,585.
Post these transactions, he now holds 0.205 per cent stake or 19,00,000 shares in the company, the filings showed.
Naik's last share sale happened on March 27, when he sold 1,17,500 company shares worth Rs. 15,15,42,375. This was intimated to the stock exchanges today by L&T.
Company CEO K Venkataramanan had 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.
Besides, Shailendra N Roy, a whole time director of the company, has offloaded his 3,500 shares worth about Rs. 44.70 lakh in three tranches on March 19, 26 and 27. He now holds 0.0058 per cent stake or 54,050 shares of the company.
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 were trading at Rs. 1,271 a piece on the BSE at 1515 hours, down 1.16 per cent from the previous close.