PNC Infratech shares crashed 20% to a 52-week low of Rs 140.32 after NHAI extended a 3-year debarment order to the company.

Here’s what happened. The National Highways Authority of India had already debarred Awadh Expressway Private Limited, a concessionaire in which PNC Infratech is the promoter, over construction issues on the Kanpur-Lucknow Expressway.

NHAI had flagged a stretch of road that slipped near the 64 km mark back in July 2026. Until now, that penalty applied only to the concessionaire itself.

That changed on 11 September, when NHAI sent PNC Infratech a letter extending the same three-year debarment to the company, since it is the promoter behind Awadh Expressway.

This means PNC Infratech cannot bid for any project floated by the Ministry of Road Transport and Highways, NHAI, or their executing agencies for the next three years.

In its filing, the company said this will not affect its status as a going concern, nor will it disrupt the execution, operation or maintenance of projects already underway.

PNC Infratech added that it is looking at legal options and will share details on any financial impact once things become clearer.

This isn’t the first setback tied to this project either. Back on 6 August 2026, NHAI had already suspended toll collection on the same expressway, which had also weighed on the stock at the time.

By the end of Tuesday’s session, PNC Infratech shares closed locked at their lower circuit of Rs 140.32 on the NSE, down 20% from the previous close, and at their lowest level in six years.

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