PNC Infratech shares tanked over 8% on Tuesday, June 11, after CBI's search operations on the company's premises led to the arrest of four employees.
The company in a stock exchange filing on Monday, June 10, said the Central Bureau of Investigation (CBI) conducted search operations at the residences of managing director Yogesh Kumar Jain and whole-time director Talluri Raghupati Rao and also at the firm's offices in Agra and Delhi on June 8 night.
The company said the CBI arrested four of its employees after the search ended. It clarified that YK Jain and TR Rao had not been arrested. However, Jain has been summoned at the CBI's Delhi office.
In the March quarter, the company's profit increased 3% to ₹558 crore, while its revenue from operations increased 12% to ₹145 crore from the previous year.
PNC Infratech shares were trading 7.99% lower at ₹479.9 apiece at 2.15 pm on Tuesday, June 11. The stock has gained 12.7% in the past month, 42.6% in the last six months and 51.3% in the past year.
Also Read: Adani Defence & Aerospace inks agreement with EDGE Group, may set up R&D facilities in India and UAE
The company in a stock exchange filing on Monday, June 10, said the Central Bureau of Investigation (CBI) conducted search operations at the residences of managing director Yogesh Kumar Jain and whole-time director Talluri Raghupati Rao and also at the firm's offices in Agra and Delhi on June 8 night.
The company said the CBI arrested four of its employees after the search ended. It clarified that YK Jain and TR Rao had not been arrested. However, Jain has been summoned at the CBI's Delhi office.
In the March quarter, the company's profit increased 3% to ₹558 crore, while its revenue from operations increased 12% to ₹145 crore from the previous year.
PNC Infratech shares were trading 7.99% lower at ₹479.9 apiece at 2.15 pm on Tuesday, June 11. The stock has gained 12.7% in the past month, 42.6% in the last six months and 51.3% in the past year.
Also Read: Adani Defence & Aerospace inks agreement with EDGE Group, may set up R&D facilities in India and UAE
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
