Goldman Sachs downgrades IRB Infrastructure Developers to "neutral" from "buy" and lowers its sum-of-the-parts target price to Rs 136 from Rs 184. Stock last down 6% to Rs 120.80.
Goldman Sachs downgrades IRB Infrastructure Developers
Goldman says takes action after the company announced three executives have agreed to take a polygraph test, connected to the police investigation of the 2010 murder of a man described as an anti-corruption activist.
Among executives investigated is Chairman Virendra Dattatray Mhaiskar, who told Reuters he is innocent and not connected to the murder.
The investment bank says the investigation creates uncertainty about value attributable to future projects and creates overhang on the stock.
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