Hours after YS Jaganmohan Reddy took over at the helm of AP, the government ordered to stop engineering works and cancel works which had not yet started despite getting approval before April 1.
Shares of NCC tanked nearly 18 percent intraday on May 31 after the new newly instated Andhra Pradesh government decided to cancel all projects sanctioned prior to April 1 by the previous N Chandrababu Naidu government but work on which was yet to take-off.
Hours after YS Jaganmohan Reddy took over at the helm of AP, the government ordered to stop engineering works and cancel works which had not yet started despite getting approval before April 1.
NCC’s business divisions include buildings and housing, roads, electrical, water and environment, irrigation, railways, power, metals, mining.
The Hyderabad-based company had received new orders totalling to Rs 8,707 crore during February and March 2019. These orders were received from Central and State government agencies and do not include any internal orders, the construction company informed BSE.
The stock of the company reported its biggest intra-day decline since November 9, 2016.
At 1426 hrs, NCC Ltd was quoting Rs 96.30, down 17.66 percent on the BSE
