PNC Infratech crashes as NHAI ban hits growth outlook

shares crashed 20% to ₹140.32, hitting the lower circuit after NHAI and MoRTH barred the company from participating in new bids for three years. The action relates to structural distress reported on Package-II of the Kanpur-Lucknow Expressway. The ban is a major setback because NHAI projects account for nearly 36% of PNC Infratech’s ₹19,200 crore order backlog. While ongoing projects and contracts where the company has already emerged as L1 are not affected, the restriction could significantly limit fresh highway order inflows and future growth visibility. The stock has already fallen 44.2% in 2026, sharply underperforming the Nifty. Investors should monitor the company’s legal response, order inflows from non-NHAI projects and execution of the existing backlog. Overall, the three-year bidding ban is a significant negative for PNC Infratech. Until legal clarity and a credible alternative order pipeline emerge, the stock may remain under pressure.