Despite its denial of any link with the Purti Group with which the BJP President Nitin Gadkari’s name was associated, the shares of IRB Infrastructure Ltd continued to come under heavy selling pressure on Thursday.
While the volume of trading in the counter crossed 2 crore shares on the NSE, on the BSE, the trading volume was nearly eleven times the normal volume in the exchange.
On the NSE, the share lost Rs 22.10 or 15.65 per cent to close at Rs 119.10. The volume of trading was a staggering 2.42 crore shares. On the BSE, the share ended at Rs 119.05, down by Rs 22.15 or 15.69 per cent.
The heightened activity could be because of expiry of current derivative series and punters hurried to close their position.
IRB Infrastructure Developers Ltd had earlier clarified that it had no business relationship with Nitin Gadkari. The allegation was that the BJP Chief had shown favours to IRB Infra during his stewardship of the PWD Department in the Shiv Sena-BJP Government in Maharashtra as Ideal Road Builders Pvt Ltd that later became a part of IRB Infrastructure allegedly invested in Nitin Gadkari’s Purti Group in 2001.
In a communication to the stock exchanges on October 22, IRB Infra asserted that it was not associated with the Purti Group.
The stock has lost about 20 per cent in the last one week-from a high of Rs 149.80 to the current levels.
yegya.narayanan@thehindu.co.in