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3h ago

Power Grid Bars KEC From New Tenders for Nine Months

KEC says existing PGCIL contracts remain in execution despite the tender exclusion.

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The scrip has been under pressure for three straight sessions and has shed nearly 14 per cent over the past month.

Overview

  • The exclusion took effect on November 18 and covers participation in PGCIL tenders and contract awards for nine months.
  • PGCIL cited an alleged transgression of contractual provisions linked to a matter disclosed in March.
  • The March case involved a CBI arrest of a PGCIL senior general manager over an alleged Rs 2.5 lakh bribe, with KEC named in the FIR.
  • KEC is evaluating legal options and seeking reconsideration, stating it does not expect a significant operational or financial impact.
  • KEC shares fell as much as 7.2% on November 19, and the company points to a roughly Rs 17,000 crore order book and about Rs 1,016 crore of new orders disclosed on November 17.