Mint ·
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.