Shares of IRB Infrastructure Developers plunged 14 percent intra-day on Wednesday over a media report indicating that National Highways Authority of India (NHAI) is exploring a new developer for Mumbai-Pune Express Highway.

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At 12:57 PM, the stock was trading 8.19 percent lower at Rs 95.85 per share on the NSE. Intra-day, the stock declined 14 percent to its day's low of Rs 89.55, touching its 52-week low. This month, the stock cracked about 23 percent while it declined more than 57 percent in the last one year.

" The NHAI plans to find a new operator for the Mumbai-Pune Expressway, one of the country's busiest, with the agreement with IRB Infrastructure Developers set to end in August. NHAI expects the new deal will value the expressway at Rs 7,000-8,000 crore," said The Economic Times, quoting sources.

Meanwhile, IRB Infrastructure told CNBC-TV18 that it will rebid the Mumbai-Pune project in August as it has contributed 13 percent to its FY19 revenues. The company bagged the project in 2014 for Rs 950 crore.

On May 29, VD Mhaiskar, CMD of IRB Infrastructure, said that he expected at least 30 percent topline growth and 20 percent EBITDA margin growth for FY20.

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