Stock tumbles, IRB chairman says willing to step down | business | Hindustan Times
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Stock tumbles, IRB chairman says willing to step down

business Updated: May 03, 2012 23:06 IST
HT Correspondent

IRB Infrastructure CMD Virendra Mhaiskar said on Thursday that he would be willing to step down from his post if investors so desired, after being named a suspect in the murder of RTI activist Satish Shetty in January 2010.

The move by Mhaiskar, who denies any wrongdoing in most likelihood will be interpreted as a damage-control measure to limit the impact on his company’s shares, which tumbled 17.6% intra-day on the Bombay Stock Exchange, touching a low of Rs.138 before recovering to end with a loss of 10.9% at Rs.150. http://www.hindustantimes.com/Images/Popup/2012/5/04_05_12-buss23c.jpg

“I would be willing to consider stepping down though there are no such plans at the moment,” Mhaiskar told Hindustan Times. “In any case, I am only involved in providing directional approach and policy making for the company. The day-to-day running is professionally managed.”

Last year too, the company was in the news for an income tax raid on its premises across Mumbai and Pune for a dispute on its raw material expenditure.