October 21, 2024
New Delhi, India
PNC Infratech Shares
Shares of PNC Infratech plunged 20% to ₹366 on October 21 after the company and its subsidiaries, PNC Khajuraho Highways and PNC Bundelkhand Highways, were disqualified from participating in tenders by the Ministry of Road Transport & Highways. The ban, effective from October 18, 2024, followed an FIR and charge sheet filed by the CBI in June and August 2024.
Key Highlights:
- Ban Duration: One-year disqualification from ministry tenders.
- Affected Subsidiaries: PNC Khajuraho Highways, PNC Bundelkhand Highways.
- Company Response: Ongoing projects remain unaffected; potential impact on other operations to be assessed.
- Order Wins: Despite the setback, PNC recently secured two major contracts worth ₹4,630 crore from the Maharashtra State Road Development Corporation.
Recent Project Wins:
- Pune Ring Road: ₹2,268 crore project.
- Connector Expressway: ₹2,362 crore, linking the Hindu Hrudaysamrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg.
Stock Performance:
- 3-Month Stock Decline: Over 27%, underperforming the Nifty 50, which rose 1%.
Disclaimer:
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