IRB tumbles 11% as govt initiates probe on Gadkari`s biz links

IRB Infrastructure Developers, a highway construction company,plunged on Thursdayon reports the Corporate Affairs Ministryhas started an inquiry into companies that have invested in the BJP president Nitin Gadkari's businesses.

Media reports quoted that the company had allegedly invested in Gadkari's firm Purti Power and Sugar.However, the company has denied these allegations andsaid it has no business relationship with Gadkari. Shares ofthe companyare trading at Rs 125.65, down Rs 15.55, or 11.01% at the Bombay Stock Exchange (BSE) on Thursday at 11:09 a.m.The scrip has touched an intra-day high of Rs 139.40 and low of Rs 123.20. The total volume of shares traded at the BSE is 1,537,690.In the earlier session, the shares lost 2.89%, or Rs 4.2, at Rs 141.20. Currently, the stock is trading down 40.21% from its 52-week high of Rs 210.15 and above 25.34% over the 52-week low of Rs 100.25.

Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 142.75 (1.55) (1.09) 1 Month 152.80 (11.60) (7.59) 3 Months 116.45 24.75 21.25 6 Months 168.40 (27.20) (16.15) 1 Year 162.55 (21.35) (13.13) Note: Based on previous day closing price.