New Delhi, Sept. 16 -- PNC Infratech shares extended their sharp decline on Wednesday, 16 September, plunging 17% to hit a fresh one-year low of Rs.116.25. The latest fall takes the stock's two-day decline to 33.76%.

The sell-off followed the National Highways Authority of India (NHAI) extending a three-year debarment imposed on PNC Infratech's subsidiary and concessionaire, Awadh Expressway Private Ltd, to the parent company.

In a regulatory filing, PNC Infratech said it received an NHAI communication dated 11 September stating that Awadh Expressway Private Ltd would be barred from participating in bids floated by the Ministry of Road Transport and Highways (MoRTH), NHAI and their executing agencies for three years.

NHAI subsequently ...