 "Downgrade: Murder probe creates overhang on IRB Infra, says Goldman")
Goldman Sachs downgraded IRB Infrastructure Developers to “neutral” from “buy” and lowered its sum-of-the-parts target price to Rs 136 from Rs 184.
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Goldman says it took the action after the company announced three executives have agreed to take a polygraph test, connected to the police investigation of the 2010 murder of a man described as an anti-corruption activist.
Among executives investigated is Chairman Virendra Dattatray Mhaiskar, who told Reuters he is innocent and not connected to the murder.
The investment bank says the investigation creates uncertainty about value attributable to future projects and creates overhang on the stock.
The stock has fallen 23.3 percent in the previous two sessions.
Reuters