KEC shares slide over 7 pc after Power Grid Corp bars company from new bids

New Delhi, Nov 19 (LatestNewsX) Shares of infrastructure engineering and construction company, KEC International fell as much as 7.2 per cent to an intra-day low of Rs 724.70 on Wednesday after the company disclosed that Government-owned Power Grid Corp Power Grid Corporation of India has barred it from bidding for its tenders for the next nine months.

As of 12.10 pm the stock was quoted at Rs 734.30, down Rs 47.40 or 6.06 per cent on the day.

“The Company has received a letter from Power Grid Corporation of India Limited (“PGCIL”) informing that the Company has been excluded from participating in tenders of PGCIL and award of contracts by it for a period of 9 months from November 18, 2025,” KEC International said in an exchange filing.

The company clarified that existing projects of PGCIL under execution will not be affected, as the restriction covers only new bids and not current work.

The company said that the ban was for “alleged transgression of contractual provisions, in relation to an earlier matter communicated to the stock exchanges.”

The Central Bureau of Investigation in March arrested senior office holder of PGCIL and KEC International, for alleged transaction of bribe of Rs 2.5 lakh to extend favours to the latter.

The company is examining options including legal recourse or approaching Power Grid for reconsideration. KEC said it does not expect any significant impact on its operations and financial position, considering the strong order book and tender pipeline.

KEC International is an infrastructure Engineering, Procurement and Construction company with business presence in segments such as power transmission and distribution, civil, transportation, renewables, oil and gas pipelines and cables and conductors.

KEC posted a consolidated revenue growth of 19 per cent year‑on‑year to Rs 6,092 crore in Q2 FY26 and EBITDA of Rs 430 crore with margin improving to 7.1 per cent from 6.3 per cent.

aar/pk