Goldman cuts IRB Infra on murder probe

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.

May 07, 2012 / 13:47 IST

Goldman Sachs downgrades IRB Infrastructure Developersto "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 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.

The stock has fallen 23.3% in the previous two sessions.

first published: May 7, 2012 12:22 pm

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Goldman cuts IRB Infra on murder probe

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.

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