PNC Infratech plunged 20% to Rs 366.70 after the company and its subsidiaries were disqualified from participating in any MoRTH tenders for a year.
The Ministry of Road Transport & Highways took this action following a CBI investigation into allegations against the companies.In June and August of this year, the CBI filed a chargesheet and FIR against PNC Infratech, PNC Khajuraho Highways, and PNC Bundelkhand Highways. The companies appeared before the MoRTH on October 18 for a personal hearing regarding these allegations.
PNC Infratech has clarified that the disqualification will not impact its ongoing development, construction, operations, and maintenance activities. However, the company is evaluating the potential impact on other activities of its business.
PNC Infratech is engaged in India's infrastructure development through the construction of highways including BOT (built, operate and transfer projects), airport runways, bridges, flyovers and power transmission projects among others. The company provides end-to-end infrastructure implementation solutions, including EPC services on a fixed-sum turnkey basis.
On a consolidated basis, net profit of PNC Infratech soared 218.44% to Rs 575.17 crore on 3.62% increase in net sales to Rs 2167.51 crore in Q1 June 2024 over Q1 June 2023.
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