IRB Infra extends fall as CBI summons its chairman

Stock slipped 19% in two-days

IRB Infrastructure has slipped 9% to Rs 136, extending its previous day’s 11% fall, after the Central Investigation Bureau (CBI) had asked the company’s chairman, Virendra Mhaiskar, to take a lie-detector test in the case on the murder of RTI activist Satish Shetty.

However, in a filing to the stock exchange, the company said, “Mhaiskar and the company officials have readily agreed to undergo the polygraph test since they are confident of their non-involvement in the matter.”

Recently, the Maharashtra government had handed the two-year-old murder case to the investigative authority. Shetty, a well-known whistle-blower who exposed several land scams in the state, was murdered near Talegaon near Pune.

The stock opened at Rs 149 and hit a low of Rs 134 on the National Stock Exchange. A combined 11.57 million shares have already changed hands on the counter so far, against an average 5.5 million shares that were traded daily in past two weeks.