IRB Infra slips after CBI checks records at offices

IRB Infrastructure Developers fell 4.35% to Rs 241.85 at 11:00 IST on BSE after the CBI visited its Pune office and registered office, to check its records as a part of reinvestigation relating to land acquisition at villages near Pune.

The announcement was made after market hours on Monday, 5 January 2015.

Meanwhile, the BSE Sensex was down 519.59 points, or 1.87%, to 27,322.73.

On BSE, so far 4.53 lakh shares were traded in the counter, compared with an average volume of 3.62 lakh shares in the past one quarter.

The stock hit a high of Rs 244.80 and a low of Rs 234 so far during the day. The stock hit a 52-week high of Rs 289.40 on 19 November 2014. The stock hit a 52-week low of Rs 68.05 on 30 January 2014.

The stock had underperformed the market over the past one month till 5 January 2015, falling 4.88% compared with 2.16% fall in the Sensex. The scrip had however, outperformed the market in past one quarter, gaining 7.53% as against Sensex's 4.8% rise.

The mid-cap infrastructure company has an equity capital of Rs 332.36 crore. Face value per share is Rs 10.

IRB Infrastructure Developers said that as a part of reinvestigation in the matter of land acquisition at Village Taje & Pimploli near Pune, officers from the Central Bureau of Investigation (CBI) have visited company's Pune Office and Registered Office on Monday, 5 January 2015, to check its records relating to land acquisition at Village Taje & Pimploli near Pune. The company & its management have fully cooperated with them and provided the necessary documents and denied any wrong doing. The company said it has understood from the publicly available sources that in August 2014, the High Court Bombay has permitted reinvestigation into the complaint pertaining to the land acquisition which was filed by the late RTI activist in 2009.

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. The company would also like to state that IRB conducts its business in due compliance of law and maintain highest standard of corporate governance and has full faith in the due process of law & the Judiciary.

IRB Infrastructure Developers' consolidated net profit rose 14% to Rs 121.74 crore on 5.7% decline in total income to Rs 911.98 crore in Q2 September 2014 over Q2 September 2013.

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