Shares of Afcons Infrastructure Ltd nosedived 2% on 2 July despite the company announcing securing a Letter of Commitment (LoC) from Reliance Industries Ltd for a building contract worth Rs 175 crore. The project involves civil and structural erection work in Jamnagar, Gujarat, according to a stock exchange statement.

The anticipated schedule for finishing the task must be agreed upon by all parties. The contract’s projected value is Rs 175 crore, but payment would be based on the actual worth of completed work, as per the update.

Afcons Infrastructure’s Managing Director Paramasivan Srinivasan said in May that the company is targeting a strong 20–25% revenue growth in FY26, bouncing back from a weak FY25. This growth optimism is backed by a robust order pipeline. Afcons has guided for Rs 30,000–35,000 crore in total orders for FY26. The company is also in the race for a major project in Dubai.

At 2:15 pm, the shares of Afcons Infra were trading 1.24% lower at Rs 428 on the NSE. Meanwhile, the company’s shares have dropped by up to 20% in the last six months.

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