PNC Infratech Ltd.'s stock price declined 4.56% to a low of Rs 242.92 on Thursday. The fall comes after the National Highways Authority of India took action against the construction company.
NHAI initiated action against concessionaire PNC Infratech after slippage was detected along an approximately 300-metre stretch of the Kanpur-Lucknow Expressway. Post the discovery, the government authority suspended toll collection on the corridor.
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The highways authority has said that no toll will be charged until the affected portion is completely repaired, adding that the lost toll revenue during the suspension period will be recovered from PNC Infratech.
The company has issued a clarification regarding the same and said that certain isolated stretches of the project were affected because of the recent heavy and incessant rains, the total length of which is 300 m which is less than 0.5% of the entire length of the expressway.
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"As part of the routine maintenanceobligations, the Concessionaire took immediate actions/measures and repaired/rectified themajority of affected stretches and maintenance works on the remaining few stretches arealready underway in full swing," the company said in a regulatory filing to the exchanges.
Further, it clarified that the company has neither been 'debarred' nor declared 'non-performer' by the NHAI.
As of 10:53 a.m., the stock traded 4.42% lower at Rs 243.44 on the NSE, compared to a marginal decline in the benchmark Nifty index. The scrip has fallen 3.35% year-to-date and 20.12% in the last 12 months.
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