Moneycontrol
Dec 07, 2017 09:21 AM IST | Source: Moneycontrol.com

IRB Infra dives over 5% as CBI files chargesheet against co; HSBC downgrades stock to hold

The 2,000-page charge sheet names 16 persons including IRB chairman and managing director Virendra Mhaiskar, Deepak Gadgil, authorized signatory of M/s Aryan Infrastructures (a subsidiary of Ideal Road Builders), revenue officials, land agents, lawyers and some farmers.

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Shares of IRB Infra fell over 5 percent intraday in the opening minutes as investors reacted negatively to a chargesheet filed by CBI.

The Central Bureau of Investigation (CBI) on Wednesday filed a charge sheet against 16 people including senior officials of IRB Infrastructure in the Sessions Court here in connection with a land scam exposed by the slain RTI activist Satish Shetty in 2009.

CBI prosecutor Vijaykumar Dhakane said the 2,000-page charge sheet names 16 persons including IRB chairman and managing director Virendra Mhaiskar, Deepak Gadgil, authorized signatory of M/s Aryan Infrastructures (a subsidiary of Ideal Road Builders), revenue officials, land agents, lawyers and some farmers.

Based on documents received under the Right to Information Act, Shetty had filed a cheating and forgery case with Lonavala police in October 2009 against Mhaiskar and others, alleging illegal purchase of government land in Ozarde and Pimploli villages in Maval tehsil of Pune district.

HSBC has downgraded the stock to hold and cut the target price to Rs 200 from Rs 331. This implies a downside of 39.5 percent. The global research firm said that in the past, the stock has reacted negatively to such newsflow and it is expected to be under pressure. Further, on the case, it says it is difficult to predict how the case will progress.

At 09:18 hrs IRB Infrastructure Developers was quoting at Rs 202.00, down Rs 8.00, or 3.81 percent, on the BSE. It touched an intraday high of Rs 202.55 and an intraday low of Rs 199.25.
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