PNC Infratech stock falls 20% after NHAI extends ban
PNC Infratech's stock took a sharp 20% hit, falling to ₹140, after the National Highways Authority of India (NHAI) extended its ban on Awadh Expressway Pvt Ltd, the concessionaire promoted by PNC, for three years.
This means PNC Infratech can't bid for new highway projects under NHAI or the Ministry of Road Transport and Highways for now.
The move is tied to issues from the Kanpur-Lucknow Expressway project.
PNC Infratech legal review, revenue up
PNC says it's looking into legal options and reassures that ongoing projects won't be disrupted.
Financially, things are a mixed bag: revenue grew nearly 19% last quarter and profit margins improved, but investors are worried about future business opportunities with this ban in place.
Despite the setback, PNC remains upbeat about its current operations.