Shares of Ashoka Buildcon fell more than 3% on 16 February despite the company securing a new road construction contract in the Republic of Liberia.

Ashoka Buildcon had submitted a bid to Liberia’s Ministry of Public Works for the upgrade of the road from Nrowkia (Sasstown Junction) to Barclayville, Nrowkia (Sasstown Junction) to Sasstown, and part of the Nrowkia (Sasstown Junction) to Nipleppo road project.

The company has now received a Letter of Award for the project at an accepted bid cost of USD 45.28 million. It expects to complete the project within 24 months.

Earlier this month, Ashoka Buildcon, in a joint venture with Aakshya Infra Projects, received a Letter of Acceptance for the construction of an H.L.R.C.C. bridge over the River Gandak, along with other major bridge works. The total bid price stands at Rs 474.38 crore, with Ashoka Buildcon holding a 51% stake in the joint venture as the lead partner.

Additionally, the company, along with its joint venture partner BEC Arabia Contracting Co, secured a Letter of Acceptance from Diriyah Company in the Kingdom of Saudi Arabia for the ‘Main Construction Works of Diriyah II – Delivery Partner for One Hotel’ project.

The accepted bid price for the Saudi Arabia project is SAR 717.09 million, with Ashoka Buildcon holding a 49% stake in the joint venture.

At 1:17 pm, the shares of Ashoka Buildcon were trading 2.94% lower at Rs 147.15 on NSE.

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