Ashoka Buildcon shares slide nearly 3% as NHAI cancels project bid

Shares of Ashoka Buildcon Limited were trading at ₹234.95, down ₹6.40 or 2.65%, on the BSE at 03:03 PM today. The decline comes after the company announced that the National Highways Authority of India (NHAI) had cancelled a bid for the Kharagpur-Chandrakona-Ghatal road project (Package-1) in West Bengal.

In a regulatory filing, Ashoka Buildcon stated that it had been declared the lowest bidder for two projects under the Hybrid Annuity Mode, part of NHAI’s initiative for economic corridor development in West Bengal.

The Kharagpur-Chandrakona-Ghatal project (Package-1) covered a stretch of 41 km, while the Bowaichandi-Guskara-Katwa project (Package-3) spanned 43 km. While the company received the Letter of Award for Package-3 on November 25, 2024, the bid for Package-1 was cancelled due to administrative reasons, as the company was the sole bidder.

Also read: Ashoka Buildcon gets NHAI green light for ₹1,391-crore project in West Bengal

The NHAI has issued a fresh re-bid notice for the Kharagpur-Chandrakona-Ghatal project, and Ashoka Buildcon confirmed its eligibility to participate in the re-bidding process.

This disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.