PNC Infra shares tank 10% following CBI raid on company
PNC Infratech's shares experienced a sharp decline of 10% to Rs 470 during Tuesday's trading session on the BSE. This drop occurred following news that the Central Bureau of Investigation (CBI) had conducted searches at the company's corporate office and the residences of its managing director (MD) and whole-time director.
Shares of plummeted 10% to Rs 470 in Tuesday's trade on BSE after the Central Bureau of Investigation (CBI) conducted searches at the company’s corporate office and the residences of the managing director (MD) and whole-time director. The CBI also arrested four employees of the company in connection with a bribery case.Media reports indicate that the CBI caught two National Highways Authority of India (NHAI) officials accepting a bribe of Rs 10 lakh from PNC employees in Madhya Pradesh. The bribe was allegedly for obtaining final approval, a no-objection certificate (NOC), and processing of the final bill for NHAI’s Jhansi-Khajuraho project.
“The CBI has arrested National Highway Authority of India (NHAI) general manager Purushottam Lal Choudhary, posted in Madhya Pradesh's Chattarpur, in an Rs 10-lakh bribery case,” PTI reported quoting officials on Sunday.
The six other accused in the case, including NHAI consultant Sharad Verma and his resident engineer Prem Kumar Sinha, along with four employees of — Satyanarayana Anguluri, Brijesh Mishra, Anil Jain, and Shubham Jain — were arrested on Saturday evening.
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PNC Infra confirmed the news and, in an exchange filing, stated that a team of CBI conducted searches at the residences of Yogesh Kumar Jain, managing director, and Talluri Raghupati Rao, whole-time director of the company. Searches were also conducted at the corporate office in Agra, the registered office in New Delhi, and other company offices on the night of June 8, 2024.
Further, PNC Infra clarified that Y K Jain and T R Rao were not arrested as reported in the media but were served a summons to appear before the CBI Office in New Delhi.
At 11:11 am, the scrip was trading 8.4% lower at Rs 477.6 on BSE. Despite the recent drop, the stock has surged 37% year-to-date and gained 50% in the past 12 months.
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Source: Stocks-Markets-Economic Times
