Shares in IRB Infra plunged over 10 per cent on Thursday as the
Corporate Affairs Ministry begun an initial inquiry into companies that
have invested in the BJP president Nitin Gadkari's businesses.
NDTV had earlier reported that IRB Infra had allegedly invested in Mr Gadkari's firm Purti Power and Sugar Limited as a quid pro quo for the massive contracts the company won when he was a Maharashtra minister. IRB Infra has denied these allegations saying it has no business relationship with Mr Gadkari.
Mr Gadkari, when he spoke to NDTV last week, denied that the investment by Ideal Road Builders Group was a blatant conflict of interest. He described DP Mhaiskar, who owns Ideal Road Builders, as a good friend.
At 10.30 a.m., shares in IRB Infra traded 11 per cent lower at Rs. 125.10 on the BSE, while the broader Sensex was flat at 18,711. This is the fourth straight day of losses for stock.
NDTV had earlier reported that IRB Infra had allegedly invested in Mr Gadkari's firm Purti Power and Sugar Limited as a quid pro quo for the massive contracts the company won when he was a Maharashtra minister. IRB Infra has denied these allegations saying it has no business relationship with Mr Gadkari.
Mr Gadkari, when he spoke to NDTV last week, denied that the investment by Ideal Road Builders Group was a blatant conflict of interest. He described DP Mhaiskar, who owns Ideal Road Builders, as a good friend.
At 10.30 a.m., shares in IRB Infra traded 11 per cent lower at Rs. 125.10 on the BSE, while the broader Sensex was flat at 18,711. This is the fourth straight day of losses for stock.
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