PNC Infratech shares slump 17% to fresh 52-week low

PNC Infratech shares fell 17% on September 16, reaching a one-year low of ₹116.25, totaling a two-day decline of 33.76%. The drop follows NHAI's extension of a three-year debarment on its subsidiary, affecting bid participation.

PNC Infratech shares extended their sharp decline on Wednesday, 16 September, plunging 17% to hit a fresh one-year low of ₹116.25. The latest fall takes the stock’s two-day decline to 33.76%.

The sell-off followed the National Highways Authority of India (NHAI) extending a three-year debarment imposed on PNC Infratech’s subsidiary and concessionaire, Awadh Expressway Private Ltd, to the parent company.

In a regulatory filing, PNC Infratech said it received an NHAI communication dated 11 September stating that Awadh Expressway Private Ltd would be barred from participating in bids floated by the Ministry of Road Transport and Highways (MoRTH), NHAI and their executing agencies for three years.

NHAI subsequently extended the debarment to PNC Infratech in its capacity as promoter of the concessionaire, the company said.

The company said it is assessing the financial impact of the action and will provide further details once there is greater clarity. PNC Infratech also said it is evaluating legal remedies against the decision.

At the same time, the company clarified that the debarment would not affect its status as a going concern or the execution, operation and maintenance of its existing projects.

The NHAI action comes after damage to a section of the Kanpur-Lucknow Expressway, involving PNC Infratech’s concessionaire Awadh Expressway. The highway authority had initially taken action against the subsidiary before extending the debarment to the parent company.

PNC Infratech shares had already fallen sharply on Tuesday, declining as much as 20% intraday after news of the three-year debarment emerged.

PNC Infratech share price today opened at ₹130.10 apiece on the BSE, the stock touched an intraday low of ₹116.25, and an intraday high of ₹132.75 per share.

Rajesh Bhosale, Technical Analyst at My Advisor Alpha, said PNC Infratech has witnessed a sharp decline from its August high of ₹260. The sell-off intensified over the past two sessions, with the stock falling from around ₹180 to nearly ₹120.

He noted that the stock is experiencing heavy selling pressure, accompanied by significant volume, indicating continued weakness. Bhosale added that the counter is likely to remain under pressure in the near term.

PNC Infratech reported a 23% year-on-year decline in consolidated net profit for the June 2026 quarter, with profit falling to ₹332 crore from ₹431 crore in the corresponding period last year.

Despite the decline in profitability, the company recorded strong revenue growth. Revenue from operations increased 18.6% year-on-year to ₹1,688 crore, compared with ₹1,423 crore in the year-ago quarter.

EBITDA rose 42.1% to ₹523 crore from ₹368 crore, while the EBITDA margin improved to 31% from 25.9% a year earlier.

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