IRB Shares Plunge After CBI Raids Offices

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IRB Infrastructure Developers shares fall 1.3 percent after CBI visited the company's Pune office on Monday to check records relating to land acquisition.

Most of the market experts are negative on the IRB Infra. The re-investigating started after complaint filed by slain RTI activist Satish Shetty against Virendra Mhaiskar, chairman and managing director of Ideal Road Builders (IRB) Infrastructure Developers.

IRB Shares Plunge After CBI Raids Offices
IRB Infrastructure Developers: Quotes, News
BSE 231.60BSE Quote6.15 (2.66%)
NSE 232.25NSE Quote6.9 (2.97%)

"As a part of reinvestigation in the matter of land acquisition at Village Taje & Pimploli near Pune, officers from the CBI have visited our Pune Office and Registered Office today to check our records relating to land acquisition at Village Taje & Pimploli near Pune, the company said in the BSE filing

However, it is also understood from publicly available sources that the CBI has already filed a Closure Report before the Sessions Court, Pune, after conducting its investigation in the matter pertaining to the murder of the same RTI activist in Maharashtra, India.

We would also like to state that we at IRB, conduct our business in due compliance of law and maintain highest standard of corporate governance and we have full faith in the due process of law & the Judiciary", added further.

Yesterday, stock closed at Rs 244.80, down Rs 22.55, or 8.43 percent on the BSE. Shares of the company was seen trading at Rs 242 lower by 1.04 per cen on BSE at 1.30 pm IST. It touched an intra-day low of Rs 234 during the trade.

Read more about: irb cbi
Story first published: Tuesday, January 6, 2015, 13:31 [IST]
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