India's PNC Infratech drops on CBI's arrest of four employees after search

PNC Infratech

11/06/2024 06:00

** Shares of PNC Infratech  PNCI.NS  fall 8% to 479 rupees
    ** Co said that the Central Bureau of Investigation
conducted searches at the residences of co's MD, wholetime
director, and its corporate office in Agra 
    ** The searches at these locations led to the arrest of four
   company employees, co adds 
    ** Co's MD and wholetime director were not arrested but they
have been summoned to appear before the CBI in New Delhi
    ** Searches in connection with bribery case involving 1 mln
rupees ($11,976.77) 
    ** Stock heads for third consecutive session of losses, if
trend holds
    ** Stock has risen ~38% YTD
    


($1 = 83.4950 Indian rupees)

 (Reporting by Yagnoseni Das in Bengaluru)
 ((Yagnoseni.das@thomsonreuters.com))