DB Realty Director Rajagopal quits, scrip falls 8%

DB Realty, which is embroiled in the 2G spectrum probe, today said its director Sundaram Rajagopal has stepped down, making him the fourth board member to quit since February.

Shares of the realty firm, which has taken a beating in recent weeks, on Monday plunged over eight per cent to Rs 89.15 in late afternoon trade on the Bombay Stock Exchange.

Rajagopal's resignation was effective from March 21, the firm said in a regulatory filing. He becomes the fourth executive to leave DB Realty amid the ongoing investigation against the company related to the 2G spectrum scam.

Shahid Usman Balwa, who was arrested as part of the probe in February tendered his resignation as managing director of DB Realty. Another executive Chandan Bhattacharya had quit as director along with Balwa.

Further, Shahzaad Dalal, vice chairman of IL&FS Investment Managers Ltd, stepped down as a director of DB Realty last month.