PNC Infra shares tank 10% following CBI raid on company
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Shares of PNC Infra plummeted 10% to Rs 470 in Tuesday's trade on BSE after the Central Bureau of Investigation (CBI) conducted searches at the company’s corporate office and the residences of the managing director (MD) and whole-time director. The CBI also arrested four employees of the company in connection with a bribery case. Media reports indicate that the CBI caught two National Highways Authority of India (NHAI) officials accepting a bribe of Rs 10 lakh from PNC employees in Madhya Pradesh. The bribe was allegedly for obtaining final approval, a no-objection certificate (NOC), and processing of the final bill for NHAI’s Jhansi-Khajuraho project. “The CBI has arrested National Highway Authority of India (NHAI) general manager Purushottam Lal Choudhary, posted in Madhya Pradesh's Chattarpur, in an Rs 10-lakh bribery case,” PTI reported quoting officials on Sunday. The six other accused in the case, including NHAI consultant S...