PNC Infratech Shares Crash 20% After 3-Year NHAI, MoRTH Bidding Ban
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PNC Infratech Share Price Today: PNC Infratech shares fell 20% to hit the lower circuit at ₹140.32 after NHAI and MoRTH debarred the company from highway project bidding for three years, citing structural issues on the Kanpur-Lucknow Expressway. The stock is now down nearly 60% from its 52-week high.
PNC Infratech shares fell 20% to ₹140.32 on Tuesday, September 15, after the National Highways Authority of India (NHAI) barred the company from bidding for new NHAI and Ministry of Road Transport and Highways (MoRTH) projects for three years.
The stock's fall was its sharpest in nearly two years. It last fell 20% in a single session on October 21, 2024.
NHAI's decision relates to structural distress reported on Package-II of the Kanpur-Lucknow Expressway. The authority had started disciplinary action against PNC Infratech last month.
The company said in a stock exchange filing that it is evaluating legal remedies against the decision.
The ban does not cover projects that are already under execution or those where PNC Infratech has emerged as the L1 bidder.
NHAI Accounts For 36% Of PNC Infratech's Order Book
The decision matters because of the company's exposure to NHAI. As of June 2026, NHAI-related projects made up nearly 36% of PNC Infratech's ₹19,200 crore order backlog.
The company can continue work on its existing NHAI projects, but it will not be able to compete for new projects from the authority during the three-year ban. That could affect the flow of new orders, particularly as NHAI has been a major source of projects for the company.
The debarment also covers projects floated by MoRTH, further limiting PNC Infratech's access to new government road contracts during the period.
The latest action follows an NHAI notice issued in August proposing to declare PNC Infratech a non-performer. The notice proposed making the company ineligible to bid for future NHAI projects.
NHAI had also proposed a penalty of 2% of the performance security and a downgrade of PNC Infratech's rating. The measures were linked to the same concerns over the company's performance on the road project.
PNC Infratech had faced NHAI action earlier as well. In October 2025, the company was barred from bidding for NHAI projects for one year over bribery allegations. The ban was later reduced to four months.
The latest three-year restriction comes as the company continues to execute its existing order book. While those projects are not affected by the current order, the loss of access to fresh NHAI and MoRTH tenders puts the focus on how the company will replace new orders during the ban.
At Tuesday's lower circuit, PNC Infratech was nearly 60% below its 52-week high of ₹325. The stock has fallen about 45% so far this year.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
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