PNC Infratech shares plummet over 9% after CBI arrests 4 employees, summons MD

So far this year, the stock of PNC Infratech surged 35 percent, as against 7 percent rise in the benchmark Nifty 50 index

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26 Aug, 2025 12:21

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Shares of PNC Infratech tumbled more than 9 percent to Rs 471 apiece on June 11 after Central Bureau of Investigation (CBI) conducted search operations at residence of managing director Yogesh Kumar Jain, whole-time director Talluri Raghupati Rao and its Agra office in connection with Rs 10 lakh bribery case.

While MD YK Jain and whole-time director TR Rao were not arrested during the CBI search operations, four employees of the company,  Satyanarayana Annguluri, Brijesh Mishra, Anil Jain, and Shubham Jain were arrested, said the company in an exchange filing.

However, summons have been served to YK Jain to appear before the CBI office, New Delhi.

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According to reports, the CBI apprehended two National Highways Authority of India (NHAI) officials accepting a bribe of Rs 10 lakh from PNC employees in Madhya Pradesh in exchange for final approval, a no objection certificate (NOC), and the processing of the final bill for NHAI’s Jhansi-Khajuraho project.

PNC has maintained that it is a law-abiding company. However, if found guilty of bribery, companies have faced bans from bidding for periods ranging from 1 to 3 months in the past.

In the March-ended quarter, PNC Infratech's profit rose by 3 percent on-year to Rs 558 crore, while revenue from operations grew 12 percent YoY to Rs 145 crore.

So far this year, shares of PNC Infratech have rallied over 35 percent, outperforming benchmark Nifty 50 index that rose by 7 percent. Earlier, PNC Infratech had hit 52-week high of Rs 574 per share on May 27, 2024.

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