PNC Infratech crashed 20% today and hit the lower circuit

Shares of PNC Infratech crashed 20% on Tuesday and hit the lower circuit after the National Highways Authority of India (NHAI) imposed a three-year ban on the company from bidding for new projects of NHAI, the Ministry of Road Transport and Highways (MoRTH), and their agencies. The stock locked at ₹140.32, down from the previous close, marking its sharpest single-day fall since October 2024. Market capitalisation slipped to around ₹3,600 crore. The stock has declined over 44% in 2026 so far. The debarment stems from structural distress reported on Package-II of the Kanpur-Lucknow Expressway, where PNC’s special purpose vehicle Awadh Expressway is the concessionaire. NHAI extended an earlier restriction on the SPV to the parent company as its promoter. The company received the letter dated September 11 and is exploring legal remedies. While the ban blocks fresh highway orders from its largest client—NHAI projects form roughly 30-36% of its ~₹19,200 crore order book—existing projects and those already won remain unaffected. The firm said the action will not impact its going-concern status or ongoing execution.