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IRB Infra plunges 13%, down 37% in 7 days

A combined 11.43 million shares have changed hands till noon deals

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IRB Infrastructure has tanked 10% to Rs 106 in early noon deals on the Bombay Stock Exchange. The stock has declined 37% in past seven trading days following the alleged involvement of it chairman and managing director and three members in a murder.

Analyst at IFCI Financial Services downgraded the stock saying that the allegation will continue to weigh on the stock until definitive developments emerge on the issue.

Meanwhile, “IRB’s tolling revenue in Q4FY12 declined for the Surat-Dahisar expressway due to traffic being bypassed to the Thane-Bhiwandi Bypass. The bypass of traffic is due to construction of five flyovers of which three have been constructed and two would be completed in FY13. Further, the Nagar-Kramala-Tembhurni project recorded a 2.5% YoY decline in toll collection,” added report.

The counter have seen huge volumes, with a combined 11.43 million shares have already changed hands till noon deals, against an average sub 14 million shares that were traded daily in past two weeks on the NSE and BSE.

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