Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015-Imposition of fine by NSE & BSE for the quarter ended 31st December, 2025

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RVNL · price

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Price reactionminutes from the announcement price · days from the prior close

-6.6%Reaction day

₹300.05

prior close

₹293.90

announcement price

After-mkt

timing

Nifty Midcap 150market · index membership as recorded later (tracked since Jun 2026)-2.2%-4.4% vs market

Civil Construction peers, median of 92sector-3.0%-3.5% vs sector

On the reaction day the stock moved 4.4 pts less than Nifty Midcap 150 and 3.5 pts less than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

-1.1

10m

-1.6

15m

-1.9

30m

-1.5

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-6.6-2.2-4.4-3.0-3.5

Next day

-6.2-0.7-5.5-1.7-4.6

-4.8-1.4-3.4-2.6-2.2

-7.4-3.4-4.0-5.2-2.2

-5.0-1.8-3.2-3.3-1.8

-7.8-3.0-4.8-2.0-5.7

-9.7-5.8-3.9-4.5-5.2

15d

-10.2-5.0-5.2-6.8-3.5

-12.4-6.5-5.9-5.8-6.6

-0.7+3.2-3.8+10.4-11.1

-21.1+3.9-25.1+1.4-22.5

UpDownMarket · Nifty Midcap 150Sector · Civil Construction peers, median of 92Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Rail Vikas Nigam Limited (RVNL) has been fined Rs. 9,77,040 (inclusive of GST) each by NSE and BSE for the quarter ended 31st December 2025. The fine relates to non-compliance with SEBI (LODR) Regulations 17(1), 18(1) and 19(1)/(2) regarding the composition of the Board and its committees. The company clarified that it is a Government company and all Directors are appointed by the President of India through the Ministry of Railways, leaving RVNL with no role in director appointments. The company has stated there is no financial or operational impact, and that fines may be waived once the requisite directors are appointed, as has happened in previous instances.

Likely market impact

The fine is purely procedural and has no material financial or operational impact on the company. Since prior similar fines have been waived by the exchanges, this is unlikely to affect the stock price and is a routine disclosure for a government-controlled entity awaiting board appointments.