IRB Infra Shares Fall as Promoter Trims Stake

Shares of IRB Infrastructure Developers fell as much as 2.3 per cent on Tuesday after the company said that one of its promoters had sold shares in the company.

In a release to Bombay Stock Exchange, IRB Infra said that one of its promoters Dattatray P Mhaiskar had sold 2.68 lakh shares, representing 0.07 per cent stake in the company through open market on November 18, 2015. Mr Mhaiskar, who held 10.64 lakh shares in IRB Infra representing a shareholding of 0.30 per cent, now owns 0.23 per cent stake in the company.

Selling of stakes by promoters is viewed as negatively by the investor community, say analysts.

IRB Infra is a road build-operate-transfer(BOT) operator. It also has a construction arm, which complements its BOT vertical by executing the engineering, procurement and construction(EPC) aspect of BOT projects.

As of 11.48 a.m., IRB Infra shares traded 1.24 per cent lower at Rs 246.30 apiece compared to a flat Nifty.