PNC Infratech Limited saw its shares drop by nearly 13% after the Ministry of Road Transport & Highways (MoRTH) disqualified the company from participating in any tender process for one year, effective October 18, 2024. The disqualification extends to its subsidiaries PNC Khajuraho Highways Private Limited and PNC Bundelkhand Highways Private Limited.
The decision stems from an ongoing investigation tied to an FIR filed by the Central Bureau of Investigation (CBI) in June 2024. Despite a personal hearing and the submission of evidence by PNC Infratech, MoRTH cited violations related to the investigation as the reason for the disqualification.
Although PNC Infratech is barred from future tenders, the company clarified that this order will not impact its ongoing projects, including development, construction, and operations.
As of 9:17 am, PNC Infra shares were trading 12.60% lower at ₹400.75.
