Shares of RITES Ltd. dropped 2% after the company announced the mutual termination of its consultancy contract with U.P. State Bridge Corporation Limited (UPSBCL).
The contract, awarded on October 28, 2024, covered construction supervision, monitoring, quality control, and safety for bridges, rail over/under bridges, flyovers, and elevated roads across multiple districts in Uttar Pradesh.
RITES confirmed that the agreement was foreclosed amicably through a Foreclosure Agreement with UPSBCL. However, the company did not disclose additional details regarding the termination.
RITES Ltd shares opened at ₹228 and hit an intraday high of ₹229.04 before dipping to ₹222.02. The stock remains well below its 52-week high of ₹398.45 but stays above its 52-week low of ₹192.40.
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