Shares of PNC Infratech Ltd. will be in focus on Wednesday, October 14, after the Delhi High Court stayed the debarment order issued against it by the National Highway Authority of India. In an exchange filing on Tuesday evening, PNC Infratech said that PNC Infratech and its Special Purpose Vehicle - Awadh Expressway Pvt.
Ltd., also classified as the concessionaire, secured an order from the Delhi High Court, which stayed the debarment orders issued by the NHAI on September 3, and September 11, 2026. Debarment of the concessionaire has also been extended to the company by the authority, according to the statement.
While PNC Infratech has said that business operations of the company and its subsidiaries will continue as normal, the company will disclose financial implications, if any, in due course. Back in August, the NHAI had issued a notice, proposing to declare PNC Infratech as a "non-performer", making it ineligible to participate in bidding for future NHAI projects.
A show cause notice was also issued to the company. The company was then barred from participating in the NHAI and the Ministry of Road Transport projects for a period of three years. PNC Infratech had reported a steady first quarter performance with its Earnings Before Interest, Tax, Depreciation and Amortisation increasing by 42.6% from last year and margins expanding by over 500 basis points.
In its post-earnings remarks, the company had stated that the show-cause proceedings over the Kanpur-Lucknow expressway are still pending and that there has been a pick-up in execution for the new highway projects that the company had bagged. Shares of PNC Infratech had ended 13.3% higher on Tuesday at ₹151.
The stock is down nearly 40% so far this year.