PNC Infratech shares fall 9% after CBI raids over bribery case

PNC Infratech’s shares took a beating on June 11, plunging over 9% to Rs 471 apiece. This sharp decline followed search operations conducted by the Central Bureau of Investigation (CBI) at the residences of the company’s managing director, Yogesh Kumar Jain, and whole-time director, Talluri Raghupati Rao, as well as its Agra office.

The CBI’s actions are related to a Rs 10 lakh bribery case. While Jain and Rao were not arrested during the raids, four PNC employees – Satyanarayana Annguluri, Brijesh Mishra, Anil Jain, and Shubham Jain – were taken into custody. However, Jain has been summoned to appear before the CBI office in New Delhi.


Reports suggest that the CBI apprehended two National Highways Authority of India (NHAI) officials accepting a bribe of Rs 10 lakh from PNC employees in Madhya Pradesh. This bribe was allegedly in exchange for final approval, a no-objection certificate, and the processing of the final bill for NHAI’s Jhansi-Khajuraho project.

PNC Infratech has maintained that it is a law-abiding company. However, if found guilty of bribery, companies have faced bans from bidding for periods ranging from 1 to 3 months in the past.

As of 12:22 PM the shares were trading 8.10% lower at ₹479.35.