" The company and its officials have been fully co-operating with the authorities during the course of the investigation and have provided all information and documents upon request," IRB Infrastructure said. "We believe that this event should not have any material impact on the business and operations of the company," IRB Infrastructure added. The research and brokerage firm HSBC downgraded its rating on the stock to "hold" from "buy" and also slashed price target to Rs 200 rupees from Rs 331.