As per enclosed letter

Major Contract CancelledBusiness Updates View source PDF

AFCONS · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reaction · full curve 14 horizons · vs prior close

-6.0%1-day move

₹336.00

prior close

₹331.00

base price

After-mkt

timing

5m10m15m30m1D2D3D4D5D7D15D1M2M3M

-2.0-2.7-3.0-3.5-6.0-9.1-10.7-11.0-9.7-5.4-5.8-4.9-11.9—

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AI summary

Afcons Infrastructure had been declared the Lowest Bidder (L1) for two road construction packages (J324/23 and J325/23) in Croatia through Croatian Motorways Ltd. The company has now received communication that both tenders have been cancelled. The reason cited is that the price of Afcons' offer exceeds the client's planned or secured financial resources. This means the client could not afford to proceed with the company's competitive bid despite Afcons being the lowest bidder. The company will update stakeholders on any further developments.

Likely market impact

Negative impact for shareholders as the company loses two international infrastructure orders in Europe. This represents a missed opportunity for revenue and international project execution.