Irb Infra Share Price Under Pressure After Cintra Offloads 6.8 pc stake

Irb Infra Share Price: The counter opened gap-down with a loss of 7.5 per cent today. The scrip has been losing for the two days and has fallen 13.92 per cent returns in the period. The stock underperformed the sector by 7.6 per cent.
Irb Infra Share Price Under Pressure After Cintra Offloads 6.8 pc stake

Irb Infra Share Price Under Pressure After Cintra Offloads 6.8 pc stake

Photo : PTI
Irb Infra Share Price: IRB Infra share price traded under pressure in Tuesday's trading session after Cintra offloaded 6.8 per cent stake. The counter touched an intraday low of Rs 63 apiece, declining 10.21 per cent from its previous close of Rs 70.16 per share. The counter opened gap-down with a loss of 7.5 per cent today. The scrip has been losing for the two days and has fallen 13.92 per cent returns in the period. The stock underperformed the sector by 7.6 per cent.
Cintra, a toll road subsidiary of the Dutch giant Ferrovial, sold up to 5 per cent of the IRB on Tuesday in order to raise Rs 1900.29 crore ($227.8 million) in a block trade, which put pressure on the stock, as per reports. According to BSE filings, as of the end of March 2024, Cintra owns a 24.86 percent ownership in IRB Infrastructure under the name CINTRA INR INVESTMENTS B V. In the last fifteen days, this is the second block deal in IRB Infrastructure. In a block deal, IRB promoters sold 4 per cent of their business shares on May 30, 2024.
The counter has delivered multibagger returns of 137.97 per cent in the last one year, as per the data available on the Bombay Stock Exchange (BSE). In the last two years, it moved higher by 198.83 per cent, making investors richer with massive gains. It multiplied investors wealth by a whopping 363.99 per cent in the last three years, as per BSE data.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money related decisions.)
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