IRB Infrastructure shares plunge 12% as over 32 crore shares change hands in block deals

IRB Infra shares tanked 12% to hit a low of ₹63.7 per share on NSE in morning deals. More than 24.19 crore shares changed hands on the exchange.

The stock also tanked 12% to hit a low of ₹63.3 on BSE where more than 30 crore shares were traded against two weeks average volume of 46 lakh.

IRB Infra shares were trading 8.53% lower at ₹66.50 apiece on the NSE at 11.30 am.

Market reports suggested that 32.85 crore shares representing 5.4% equity stake of the company changed hands in the block deals. The shares were traded at a floor price of ₹65 per share, valuing the total trading size at ₹2,033 crore.

The reports citing sources claimed that IRB Holding and Deepali Virendra Mhaiskar were likely sellers in the block deals.

According to exchange data, IRB Holding Pvt Ltd, a promoter entity, held a 33.2% stake or 200 crore shares of IRB Infra as of March 31, 2024. Deepali Virendra Mhaiskar, a promoter, had 0.27% stake or 1.61 crore shares of the highway construction company.

Cintra Inr Investments BV (24.86%) and Bricklayers Investment Pte Ltd. (16.94%) are among major public shareholders who hold a total of 65.61% stake in the company.

Details about buyers and sellers of shares will be updated by the bourses later in the evening.

The balance stake following the block deal could have a lock-in period of 90 days before Ontario Inc can pare any further equity, the report further stated.

IRB Infra shares rally near 60% in 2024 so far

IRB Infrastructure Developers Ltd is among the high-performing low-priced stocks in 2024 so far. The stock of the Indian highway construction company has zoomed around 60% in 2024 so far. Shares of the company had rallied more than 137% in the past year. The stock hit a year high of ₹76.55 per share on May 27, 2024.

The stock has gained from IRB Infra’s rising market share in the toll-operate-transfer (TOT) space. The company has around 38% market share in the TOT space. It is the largest of any private player in the sector.

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IRB Infra reported a 45% jump in net profit for the March quarter to ₹188.9 crore compared to the year-ago period. Revenue rose by 27% to ₹2,061 crore in the quarter under review.