PNC Infratech Ltd. shares are down and locked in a 20% lower circuit, trading at ₹366.80, a sharp decline of ₹91.70 as of 10:05 AM today. The stock plunged following the recent disqualification from the Ministry of Road Transport & Highways (MoRTH), which has banned the company and its subsidiaries from participating in any tender process for one year.
Stock Price Details:
- Open: ₹435.00
- High: ₹435.00
- Low: ₹366.80
- Previous Close: ₹458.50
Reasons for the 20% Drop:
The steep fall follows MoRTH’s decision to disqualify PNC Infratech, along with its subsidiaries, PNC Khajuraho Highways Private Limited and PNC Bundelkhand Highways Private Limited, from participating in tenders for one year. The disqualification is linked to an ongoing investigation tied to an FIR filed by the Central Bureau of Investigation (CBI) in June 2024.
The company had been provided an opportunity for a personal hearing and submitted evidence in its defense, but MoRTH cited violations related to the ongoing investigation as the reason for the disqualification.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. Please consult a financial advisor before making any investment decisions.
