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  5. PNC Infratech shares tank 20%; here is what happened during the weekend

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PNC Infratech shares tank 20%; here is what happened during the weekend

Upstox
By Upstox News Desk

2 min read | Updated on October 21, 2024, 10:46 IST

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SUMMARY

Shares of the company have gained nearly 5% on a year-to-date basis and 7.5% in the past 12 months. In the past five years, the stock has given 114% returns. 

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PNCINFRA
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PNC Infratech shares were locked in the lower circuit.

PNC Infratech shares were locked in the lower circuit.

PNC Infratech shares, PNC Infratech stock NSE: Shares of PNC Infratech were frozen at the lower circuit limit of 20% at ₹366.70 apiece on the BSE in the early trade on Monday, October 21, recating to an important development during the weekend. 

The company, in an exchange filing, on Saturday said that the Ministry of Road Transport & Highways (MoRTH) has disqualified PNC Infratech Limited, PNC Khajuraho Highways, and PNC Bundelkhand Highways from participating in any tender process of the Ministry for a period of one year with effect from October 18, 2024. 

The company received the order on October 18, 2024.

The filing said, "MoRTH asked the company and its subsidiary companies (SPVs), namely PNC Khajuraho Highways Private Limited and PNC Bundelkhand Highways Private Limited, to appear before MORTH on 18.10.2024 along with all documents and evidence in their support for a personal hearing regarding the FIR RC No. RC182024A0012 ad charge sheet filed by CBI. AC III, New Delhi, on 8.6.2024 and 8.8.2024, respectively.

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It added, "The company and SPVS appeared before the MORTH on 18.10.2024 for the hearing and submitted the documents. Upon hearing the Company, SPVs, and NHAI, vide its Order dated 18.10.2024, MORTH has disqualified the Company and the two SPVs from participating in any tender process of the Ministry for a period of one year with effect from 18.10.2024."

PNC Infratech said that there will not be any impact on the ongoing development, construction, operations, and maintenance (O&M) activities of the company and its subsidiaries, including the two SPVs, on account of the aforesaid order of MORTH dated 18.10.2024. However, the impact on other activities, if any, will be evaluated and intimated accordingly.

PNC Infratech share price

Shares of the company have gained nearly 5% on a year-to-date basis and 7.5% in the past 12 months. In the past five years, the stock has given 114% returns. 

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Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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