The UP government has decided to reinvite bids for Purvanchal Expressway.
PNC Infratech share price dropped nearly 5 percent intraday on Monday after the UP government has decided to cancel the company's offer made for Purvanchal Expressway.
PNC Infratech was declared the lowest bidder for the 4th package of the project for a quoted price of Rs 1,738.44 crore.
"The government of Uttar Pradesh has cancelled the ongoing bidding process of 341 km long Purvanchal Expressway project comprising eight individual packages and decided to go for fresh bidding," the infrastructure construction company said in a BSE filing.
The company was declared as L1 (lowest) bidder for the 4th package of the above project on EPC basis for a quoted price of Rs 1,738.44 crore, which now stands cancelled," the infrastructure construction company said in a BSE filing.
At 11:53 hours IST, the stock price was quoting at Rs 164.55, down Rs 6.50, or 3.80 percent on the BSE.