IRB Infra recovers after rejecting reports on Ideal Power
17th October 2012 04:18 PM
IRB Infrastructure & Developers recoveredfrom intra-day low after the highway construction company clarifiedthat Nikhil Gadkari,son of Nitin Gadkari,is not and has never been a director of either IRB Infrastructure Developers or any of its downstream subsidiaries.
Shares of the company plunged in early on Wednesday after media report quote the BJP chief Nitin Gadkari had favoured IRB while he was the PWD minister. The reports also claimed Nikhil Gadkariis one of the independent directors in Ideal Power,which is a part of IRB infrastructure.
However, IRB clarified that Ideal Poweror Ideal Energy Projects has never been part of IRB Group.
''Neither IRB Infrastructure Developers nor any of its downstream subsidiaries have ever committed or made any investments into Ideal Power or Ideal Energy Projects,'' it added.Shares of IRB Infrastructure Developers are trading at Rs 143.30, down Rs 5.35, or 3.60% at the Bombay Stock Exchange (BSE) on Wednesday at 3:17 p.m.
The scrip has touched an intra-day high of Rs 153.30 and low of Rs 138.05. The total volume of shares traded at the BSE is 1,937,190.In the earlier session, the shares declined 3%, or Rs 4.6, at Rs 148.65. Currently, the stock is trading down 31.81% from its 52-week high of Rs 210.15 and above 42.94% over the 52-week low of Rs 100.25.Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 148.95 (0.30) (0.20) 1 Month 131.90 16.75 12.70 3 Months 133.10 15.55 11.68 6 Months 190.45 (41.80) (21.95) 1 Year 166.10 (17.45) (10.51) Note: Based on previous day closing price.
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