The chairman of IRB Infrastructure Developers said he was being investigated for possible involvement in a murder case, confirming a media report that sent shares of the mid-sized road developer down by as much as 17.7%.
Chairman Virendra Dattatray Mhaiskar was one of 10 people identified by the Central Bureau of Investigation (CBI) of being potentially involved in the killing of Satish Shetty in 2010, the Pune Mirror reported.
The newspaper described Shetty as an activist. Previous media reports said he had been investigating possible land-grabbing along an expressway operated by IRB Infrastructure.
Mhaiskar said he was being investigated by the CBI after the brother of Shetty accused him of being part of the murder.
The chairman added that the investigation would have no bearing on the road developer, of which he said he owns 60 percent.
"This case has nothing to do with the company," he said by mobile phone.
Shares in IRB Infrastructure were down 14% at Rs 144 in unusually heavy trading volume on Thursday afternoon, compared with the 0.56% drop in the BSE Sensex.