KEC International Ltd shares tumbled on Wednesday, November 19, after a regulatory filing said that the company had been barred from bidding for new business with its key client, Power Grid Corporation of India Ltd (PGCIL). The stock slipped as much as 7.2 per cent to an intraday low of Rs 724.60 on the BSE, compared with the previous close of Rs 781.15. Advertisement

The decline followed a letter dated November 18 from PGCIL after market hours, informing that it would be excluded from participating in tenders and contract awards for nine months, effective immediately. The suspension was imposed for an alleged transgression of contractual provisions linked to an earlier matter disclosed to exchanges on March 24.

Despite the setback, the stock remains 29.17 per cent above its 52-week low

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