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IRB Infrastructure Developers Ltd shares recover after dipping 7 per cent at ₹195 - lowest since August 11 - to ₹206.
Company says Central Bureau of Investigation has filed charges against the company over alleged illegal purchases of government land by an IRB unit. IRB denies all allegations in the matter, says has “fully complied with the law of the land" and added that chargesheet would not have any material impact on its business.
HSBC downgrades stock to “hold” from “buy", cuts price target to ₹200 from ₹331. HSBC says historically IRB shares have reacted “very negatively” to news related to the alleged illegal land purchases.
“Until further clarity emerges on this front, we believe IRB's shares will be under pressure and will not be driven by business fundamentals,” HSBC said.
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