Shares of HG Infra Engineering Ltd fell 1.5% on 2nd March after touching the day’s high of Rs 543, despite the company announcing that it had received a Letter of Award (LOA) from the National Highways Authority of India (NHAI) for the construction of a new six-lane access-controlled Capital Region Ring Road Package-III in Odisha.

The project will stretch from Gobindpur (NH-55) to Tangi near Bandola Toll Plaza (NH-16). It will cover a total length of 40.33 km. Additionally, it has been awarded under the Hybrid Annuity Mode (HAM) with an estimated project cost of Rs 1,827.33 crore.

HG Infra Engineering’s winning bid stands at Rs 1,582.11 crore, excluding GST. The company is required to complete the construction within 910 days.

Earlier today, the company said the Court of Special Judge, CBI-1, Patna, granted anticipatory bail to its Chairman and Managing Director, Harendra Singh, in connection with the ongoing CBI case. Bail was also granted to four company officials — Anoop Singh, Gaurav Kushwaha, Akash Patra and Dhiraj Virmani. These officials were released from judicial custody.

This development comes weeks after the CBI and the Anti-Corruption Bureau (ACB), Patna, conducted search operations on 21st January, 2026. The searches were held at the company’s corporate office in Jaipur, its regional office in Gurugram, and a project site in Bihar.

In an exchange filing, HG Infra said it will continue to cooperate with enforcement agencies fully. Furthermore, the company will promptly update the stock exchanges on any further developments.

At 11:29 AM, shares of HG Infra were trading 1.55% lower at Rs 532.10 on the NSE.

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