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BUZZ-India's IRB Infra slides as federal investigation agency files charges
December 7, 2017 / 4:26 AM / 11 days ago

BUZZ-India's IRB Infra slides as federal investigation agency files charges

** IRB Infrastructure Developers Ltd falls as much as 6.1 pct to 197.00 rupees - lowest since Aug. 11

** Co says India's Central Bureau of Investigation has filed charges against the company over alleged illegal purchases of government land by an IRB unit bit.ly/2AVxCtj

** IRB denies all allegations in the matter, says has “fully complied with the law of the land”

** Adds chargesheet would not have any material impact on its business

** HSBC downgrades stock to “hold” from “buy”, cuts price target to 200 rupees from 331 rupees

** 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 says

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