IRB Infrastructure hits 11-month low; stock dips 7%

The stock dipped 7% to Rs 195 on the BSE in intra-day deal, trading at its lowest level since December 30, 2016.

IRB Infrastructure Developers hit an 11-month low of Rs 195, down 7% on the BSE on the back of heavy volumes after the company said the Central Bureau of Investigation (CBI) on Wednesday filed a charge sheet against peoples including senior officials of IRB Infrastructure in the Sessions Court, Pune in the matter of an alleged illegal purchase of government land by its subsidiary, Aryan Infrastructure Investments Private Limited (AIIPL).

Based on documents received under the Right to Information (RTI) Act, Satish Shetty had filed a cheating and forgery case with Lonavala police in October 2009 against IRB chairman and managing director Virendra Mhaiskar and others, alleging illegal purchase of government land in Ozarde and Pimploli villages in Maval tehsil of Pune district, the PTI report suggested. CLICK HERE TO READ FULL REPORT.

“AIIPL on its own accord proceeded to cancel agreements to sell, for these land parcels. The amount attributable to these 5% of land parcels, pertaining to which the charge sheet has been filed, is Rs 6 crore only,” IRB Infra said in regulatory filing.

The stock of company engaged in infrastructure business at its lowest level since December 30, 2016. It hit a 52-week low of Rs 183 on December 27, 2016 in intra-day day. Thus far, the stock has fallen 28% from its 52-week high of Rs 272 hit on May 3 this year.

The trading volumes on the counter surged nearly three-fold with a combined 6.32 million shares changed hands on the BSE and NSE so far.