Stock tumbles, IRB chairman says willing to step down

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.

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.

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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.

“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.