NCC Shares Plunge to 52-Week Low After NHAI Imposes Two-Year Tender Ban

imited tumbled sharply in early trading today, hitting a fresh 52-week low following a debarment order from the National Highways Authority of India (NHAI). The infrastructure major and its step-down subsidiary, O B Infrastructure Limited (OBIL), have been barred from participating in any NHAI tenders, bids, or RFPs for two years, effective February 17, 2026. The restriction applies across various roles, including as concessionaire, contractor, EPC contractor, O&M contractor, or consortium member. The order stems from issues related to a highway project in Uttar Pradesh (sections of NH-25 and NH-2/new NH-27) executed by OBIL under a 2006 build-operate-transfer (BOT) annuity concession agreement. NCC has indicated that the project delays were due to NHAI's lapses, and OBIL had previously secured a favourable arbitration award in November 2024, which NHAI challenged. The announcement triggered heavy selling pressure, with the stock dropping up to nearly 10% intraday. It touched a low of around ₹135 on the NSE, marking its lowest level in the past year (down significantly from its 52-week high of ₹242). By mid-morning, the shares were trading lower but showed some recovery from the session's bottom.