KEC International witnessed a sharp decline of more than 6% in its share price after Power Grid Corporation of India Limited (PGCIL) informed the company that it has been barred from participating in upcoming tenders and receiving new contract awards for a period of nine months, effective November 18, 2025. The restriction, however, does not impact any of KEC’s ongoing projects currently under execution for PGCIL.
The decision relates to an alleged transgression of contractual provisions connected to a matter previously disclosed by KEC to the stock exchanges on March 24, 2025. In response, the company stated that it is assessing all available options, including pursuing legal remedies and formally approaching PGCIL for a reconsideration of the order.
KEC International expressed confidence that the development will not have a material impact on its operational or financial performance, citing a robust order book and a healthy pipeline of tenders across multiple markets. The company reaffirmed its commitment to maintaining strong corporate governance practices, ethical standards, and full compliance with applicable regulations.
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