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KEC International shares tumble 7% as Power Grid Corp bars firm from new tenders for 9 months
The Economic Times | English | News | Nov. 20, 2025 | Corporate Corruption or Fraud
Shares of KEC International fell sharply by as much as 7.2% to Rs 725 on the NSE following the announcement that Power Grid Corporation of India has barred the company from participating in any new tenders or securing fresh contract awards for the next nine months, effective November 18, 2025. This restriction is due to an alleged breach of contractual terms related to an issue KEC had previously disclosed to the exchanges in March 2025. Despite the ban, ongoing projects with Power Grid will continue without disruption.
KEC International is considering all possible actions, including legal recourse and discussions with Power Grid to seek a reversal of the decision. The company maintains that it does not expect a significant impact on its operations or financial performance, citing a strong order book and continuous tender opportunities. KEC also reaffirmed its commitment to governance, compliance, and ethical business practices.
On November 17, KEC announced new orders worth Rs 1,016 crore across its core businesses. These include civil segment projects such as luxury villas in Western India and a steel plant development project in Eastern India, its first oil and gas pipeline order in the Middle East, and transmission and distribution contracts involving tower and hardware supply in the Middle East and Americas, as well as a 400 kV transmission line project in the UAE. KEC’s stock has declined by 35% year-to-date but has doubled in value over the past five years, delivering returns of over 120%.