India's Ashoka Buildcon down 3% after NHAI withdraws project offer

Ashoka Buildcon

02/05/2023 08:54

** Shares of Ashoka Buildcon Ltd  ABDL.NS  falls as much as
3.36% to 84.90 rupees
    ** Decline in infrastructure development firm after National
Highways Authority of India (NHAI) withdrew its letter of award
for the project in Bihar, awarded in January
    ** ABDL has been debarred by NHAI and hence contract could
not be signed, says Co in an exchange filing
    ** NHAI has annulled the bidding process and has invited a
fresh bid for the project
    ** NHAI's debarment of Ashoka Buildcon expired on April 15
and so ABDL is eligible to participate in the new bid
    ** Trading volume is 1.15 mln shares as of 1:11 p.m. IST,
more than the 30-day avg of 1.04 mln shares - Refinitiv data
    ** All the 11 analysts tracking ABDL maintain "buy"; median
TP is 130 rupees

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))