Respite for IRB stock from alleged Gadkari nexus

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Respite for IRB stock from alleged Gadkari nexus
After crashing 15% on Thursday, following allegations of links of IRB promoters with Nitin Gadkari, the stock of IRB Infrastructure Developers gained marginally today. The shares were last traded at Rs 120, up 1.13% on the Bombay Stock exchange.

A report in the Hindustan Times states that IRB Infrastructure Developers had received contracts during Gadkari's stint as Maharashtra's minister of public works department from 1994-99.

Later, Mhaiskar (IRB Chairman) bailed out Gadkari's Purti Group and Gadkari's son Nikhil became a director and shareholder of Ideal Energy Projects Limited (IEPL), where Mhaiskar was the executive director, the Hindustan Times report says.

IRB is a one of the leading road infrastructure players in India.

The company possesses India's prime BOT projects in its portfolio viz., the Operation and Maintenance of Mumbai - Pune Expressway, and the four laning of NH-4 from Shil Phata to Dehu Road; two major roads connecting India's commercial capital to the rest of Maharashtra.

Read more about: irb
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