India's IRB Infrastructure Developers falls on multiple block deals

IRB Infrastructure Developers

11/06/2024 08:04

** Shares of IRB Infrastructure Developers  IRBI.NS  down
6.4% at 65.67 rupees
    ** Stock falls as much as 10.2% in early trade before
recouping some losses 
    ** More than 444.4 mln shares traded in 80 block deals at 64
rupees-66 rupees, as per National Stock Exchange data, a ~6%-9%
discount to IRBI's closing price on Monday
    ** Cintra, a unit of Dutch infra firm Ferrovial  FERF.AS ,
plans to sell 5% stake in IRBI to raise around $228 mln,
Moneycontrol reports
    ** Cintra, which owns 24.86% stake in IRBI, did not
immediately respond to Reuters' requests for comment; IRBI also
yet to comment 
    ** Stock down ~15% in last two sessions, its worst two-day
fall in over 1 year
    ** IRBI up 58% YTD, its fifth straight annual gain
    

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))