IRB Infra nears 3-yr low

The stock tanks 34% in 4-days

IRB Infrastructure Developers has tanked more than 12% at Rs 113 in noon deals, its lowest level since May 2009, extending its three-day fall, after Virendra Mhaisker, the promoter, along with two other officials of the company, have been asked to undergo polygraph tests in relation to an investigation in the matter of a murder of RTI activist Satish Shetty.

The stock has tanked almost 34% in past four-trading days from Rs 172 on the Bombay Stock Exchange. A combined 8.97 million shares have already changed hands on the counter so far, against an average sub 8 million shares that were traded daily in past two weeks on both the exchanges.

 

ICICI Securities in its report dated May 4, 2012 state that the incident would have a minor impact on valuations, the stock’s valuation multiples would take a back seat, though it appears attractive, till further clarity emerges on this issue.