IRB Infra on losing streak

IRB Infra is not doing well today morning and it is currently amongst the top losers of the day, down 5% at Rs.93.55, with an intra day low at Rs.92.90. Its 52-week low is at Rs.86.10.

The stock is in deep red on news coming in that the promoters of the company  creates pledge on more 55 lakh shares in company. As at 31^st March 2013, promoters stake was at 62.88% of which 16.67% stood pledged. At the end of FY13, the company was sitting on a debt Rs.7906 crore  (long term + short term borrowings) and its consolidated interest outgo for the fiscal was at Rs.615 crore while net profit had come in at Rs.557 crore.