IRB Infrastructure Developers Company is bearing the brunt of its chairman’s alleged involvement in the murder of an anti-corruption activist in 2010. The investigating agency has summoned the Chairman and Managing Director Virendra Dattatray Mhaiskar and two other company officials. They are also likely to undergo a polygraph lie-detector test and the results will be known in June. The Chairman has denied any connections with the case. The deceased activist using the Right to Information Act had been investigating possible land-grabbing along an expressway operated by IRB Infrastructure.
The news has pulled the company down from its fourth position as largest construction company by market capitalization. Since the news has broken the shares, IRB has plunged as much as 15-18% and are continuing their decline.
IRB Infrastructure Developers is currently trading at Rs. 140.50, down by 9.15 points or 6.11% from its previous closing of Rs. 149.65 on the BSE.
The scrip opened at Rs. 148.00 and has touched a high and low of Rs. 149.50 and Rs. 139.75 respectively. So far 1411816 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 210.15 on 21-Feb-2012 and a 52 week low of Rs. 121.00 on 03-Jan-2012.
Last one week high and low of the scrip stood at Rs. 174.15 and Rs. 138.40 respectively. The current market cap of the company is Rs. 4669.72 crore.
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