Shares of PNC Infratech Limited (NSE: PNCINFRA) plummeted by 8.12% today, trading at ₹337.00 as of 9:32 AM, following the fallout from a recent disqualification order by the Ministry of Road Transport & Highways (MoRTH).
The disqualification, which was announced two days ago, prohibits PNC Infratech, along with its subsidiaries PNC Khajuraho Highways Private Limited and PNC Bundelkhand Highways Private Limited, from participating in any MoRTH tender processes for a year, starting from October 18, 2024. This action was taken after an investigation involving an FIR filed by the Central Bureau of Investigation (CBI) in June 2024, which led to MoRTH’s decision after a personal hearing and review of evidence submitted by PNC Infratech.
Despite this setback, PNC Infratech has clarified that its existing projects will remain unaffected, and operations will continue as planned. However, the inability to bid for new tenders for an entire year has dampened investor sentiment, leading to the sharp drop in the stock price.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Please consult a financial advisor before making any investment decisions.
