Shares of PNC Infratech Ltd. fell as much as 20% on Monday, October 21, after the company, along with its two subsidiaries were disqualified by the Ministry of Road Transport & Highways on Saturday from participating in any tender process of the Ministry.

The company said in its exchange filing that the it has been barred from participating in the tender process with a period of one year, starting October 18, 2024.

PNC Infratech and its subsidiary companies, PNC Khajuraho Highways Pvt. Ltd. and PNC Bundelkhand Highways Pvt. Ltd. were asked to appear before the ministry on October 18 for a personal hearing with regards to the FIR and the Charge Sheet filed by the CBI in June and August this year.
 

The company has mentioned that there will be no impact on ongoing development, construction and O&M activities, the impact on other activities will be evaluated and intimated.

At the end of the June quarter, PNC Infratech had guided for an order intake of ₹8,000 crore to ₹10,000 crore for financial year 2025, and this is above the orders worth ₹5,000 crore, where the company is the lowest bidder.

For the full year, the company is anticipating revenue growth to be between flat to a decline of 10% from last year, as compared to an earlier estimate of a 10% growth.

The executable order book at the end of the quarter was anticipated to be ₹19,000 crore, including the L1 of ₹5,000 crore.

Shares of PNC Infratech are currently trading 19% lower fell at ₹371.8. The stock has given up most of the gains made during 2024, currently up only 7% year-to-date.