Shares of PNC Infratech Ltd fell sharply in Tuesday's trade, extending their fall for third consecutive session. The stock dived 9.88 per cent to hit a day low of Rs 470.05. It was last seen trading 8.30 per cent lower at Rs 478.30.
Today's plunge in the share price came after the construction firm issued a clarification over a news report, titled "CBI arrests NHAI CM, 6 others for Rs 10 lakh bribery case in Madhya Pradesh."
"A team of Central Bureau of Investigation conducted a search at the residence of Yogesh Kumar Jain Managing Director and Talluri Raghupati Rao, Whole-time Director of the company and also at the corporate office, situated at Agra, Registered Office situated at New Delhi and other offices of the Company on June 8, 2024, late night. The search is completed at all locations now. Satyanarayana Annguluri, Brijesh Mishra, Anil Jain and Shubham Jain, employees of the company were arrested by them. Detailed information are yet to be awaited for submission of the same with the Stock Exchange," PNC Infra stated in a BSE filing.
Further, YK Jain and TR Rao were not arrested as appearing in news media item but summon has been served on YK Jain, Managing Director to appear before CBI office, New Delhi, it mentioned.
"This clarification is without prejudice and the company humbly submits that it shall furnish any detailed clarification as and when it comes in possession of further information in the concerned issue at hand. Except above the company is not aware about any incidence which may have bearing on the fluctuation of the price of the scrip of the Company," PNC Infra further stated.
On technical setup, the counter was trading lower than the 5-day, 10-day and 20-day simple moving averages (SMAs) but higher than the 30-day, 50-, 100-, 150-day and 200-day SMAs. The counter's 14-day relative strength index (RSI) came at 48.01. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 15.75 against a price-to-book (P/B) value of 2.80. Earnings per share (EPS) stood at 33.13 with a return on equity of 17.77.
As of March 2024, promoters held a 56.07 per cent stake in the company.