Goldman Cuts IRB Infra On Murder Probe

<?xml version="1.0" encoding="UTF-8"?><root available-locales="en_US," default-locale="en_US"><static-content language-id="en_US"><![CDATA[<p>Goldman Sachs downgrades IRB Infrastructure Developers to "neutral" from "buy" and lowers its sum-of-the-parts target price to 136 rupees from 184 rupees. Stock last down 6 per cent to 120.80 rupees.<br><br>Goldman says takes action after the company announced three executives have agreed to take a polygraph test, connected to the police investigation of the 2010 murder of a man described as an anti-corruption activist.<br><br>Among executives investigated is Chairman Virendra Dattatray Mhaiskar, who told Reuters he is innocent and not connected to the murder.<br><br>The investment bank says the investigation creates uncertainty about value attributable to future projects and creates overhang on the stock.<br><br>The stock has fallen 23.3 per cent in the previous two sessions.<br><br><br>(Reuters)</p>