Murder probe spikes IRB Infra stock 11%

Shares of IRB Infrastructure Developers plummeted nearly 11 per cent on bourses amid reports that its Chairman and Managing Director was being investigated for possible involvement in a murder case

Written by Press Trust Of India | Mumbai | Published:May 4, 2012 12:59 am

Shares of IRB Infrastructure Developers today plummeted nearly 11 per cent on bourses amid reports that its Chairman and Managing Director was being investigated for possible involvement in a murder case.

The shares of the company went into a tailspin and finally ended the trade at Rs 149.65,down 10.90 per cent on the BSE. The stock nosedived by 17.59 per cent to Rs 138.40.

“IRB Infrastructure shares plunged amid reports the CBI will conduct polygraph test on the company’s chairman and managing director Virendra Mhaiskar in a murder case,” Fairwealth Securities Head Equity Sharmila Joshi said.

A local court has granted permission to the CBI to conduct a polygraph test on 10 more people,including seven policemen,in RTI activist Satish Shetty’s murder case. IRB director Virendra Mhaiskar will also undergo the test. However,in a clarification to the BSE,IRB Infra said the deceased RTI activist’s brother had named various persons,including Mhaiskar as a suspect. However,the Police Department had conducted an inquiry and given a clean chit to Mhaiskar,it added.

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