PNC Infratech shares plunge to six-year low after extended NHAI debarment

PNC Infratech's shares fell into a 20% lower circuit at ₹140.40 on the BSE, reaching their lowest level since August 2020 after NHAI extended the debarment of Awadh Expressway Private Ltd, a project in which PNC acts as concessionaire promoter. The three-year ban prevents the firm from bidding on any Ministry of Road Transport and Highways, NHAI, or related agency tenders. The company asserted that the order will not jeopardise its going-concern status or ongoing project execution and is exploring legal options.

Trading volume jumped to 4.84 million shares across NSE and BSE, with pending sell orders of about 2 million shares. While PNC maintains a ₹19,100 crore order book, analysts note that the restriction could dent order-book growth outlook for FY29 and later, affecting revenue visibility. To mitigate regional risk, the firm is diversifying into irrigation, rail, metro, transmission and renewable-energy projects beyond its North-Indian focus.