Shares of IRB Infrastructure Developers fell 9.4% in intra-day trading on Monday before closing down 7.49% at Rs 111.85 on the BSE. Analysts at Citi Research trimmed their long-term revenue estimates for the company and revised earnings per share estimates downwards by 3% for the current fiscal as well as the next. The analysts wrote the \u201cvaluation leaves little room for upside in the face of deceleration in toll revenue growth and likely slowdown in new orders in an election year\u201d. In addition, the brokerage maintained its \u2018sell\u2019 rating on the stock even as it cut the target price to Rs 139 from Rs185. Citi noted that in its its third quarter results announced earlier this month, IRB Infrastructure reported a low 5% year-on-year (y-o-y) growth in toll revenue, with the Mumbai-Pune expressway showing a weak 2% growth. Four of the company\u2019s eleven toll roads showed a y-o-y decline in collection. Citi also noted that two projects awarded under the hybrid annuity model (HAM) in Tamil Nadu are facing delay in land acquisition although the financial closure has been achieved. IRB also expects to achieve financial closure of its Hapur-Moradabad project in the current quarter. IRB\u2019s consolidated revenue for the quarter stood at Rs 1,790 crore, up 38% y-o-y, while the net profit stood at Rs 218.9 crore, up 5.3% y-o-y. Operating profit, or earnings before interest, taxation, depreciation and amortisation was up 21% to Rs 760.4 crore.