CBI clears IRB Infra on RTI activist murder; stock up 3%
The stock up 3% at Rs 252 on National Stock Exchange.
)
IRB Infrastructure Developers is trading 3% higher at Rs 252 on NSE after Virendra Mhaiskar, the promoter of the company got a clean chit by the Central Bureau of Investigation (CBI) on RTI activist murder.
CBI filed murder case of Mr Shetty a RTI activist who exposed several land scams in Maharashtra on Mr Mhaiskar, promoter of the company on Jan 2010. This hampered the stock to more than 50% on rising issue of corporate governance.
The company’s involvement with the case was due to IRB’s acquisition of around 1,100 acres of land near the Mumbai-Pune Expressway between 2007 and 2010.
This will be positive for the company as the corporate governance issue will be resolved, says analyst at Angel Broking in a client note.
The stock opened at Rs 254 and hit a high of Rs 255 on NSE. A combined 2.27 million shares changed hands on the counter so far on NSE and BSE.
CBI filed murder case of Mr Shetty a RTI activist who exposed several land scams in Maharashtra on Mr Mhaiskar, promoter of the company on Jan 2010. This hampered the stock to more than 50% on rising issue of corporate governance.
The company’s involvement with the case was due to IRB’s acquisition of around 1,100 acres of land near the Mumbai-Pune Expressway between 2007 and 2010.
This will be positive for the company as the corporate governance issue will be resolved, says analyst at Angel Broking in a client note.
The stock opened at Rs 254 and hit a high of Rs 255 on NSE. A combined 2.27 million shares changed hands on the counter so far on NSE and BSE.
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Aug 12 2014 | 9:47 AM IST