NCC Ltd may lose Rs 6,100-cr projects; ball in new govt court

: NCC Limited Friday said it may lose Rs 6,100 crore worth of works awarded by the Andhra Pradesh government if the YS Jagan Mohan Reddy-led new government decided to cancel all the works awarded before April 1, 2019.

"We understand that the new government is considering to cancel work orders issued prior to April 1 but not grounded (work not commenced). If this were to happen, work orders approximately worth Rs 6,100 crore issued to our company are likely to be cancelled," NCC Ltd informed bourses.

The company further said it did not received any communication from the government on the issue.

Meanwhile, NCC Ltd's shares tanked by 16.33 per cent over previous close to Rs 97.85 per share on the BSE at 3.30 PMs.

Hours after Jagan Mohan Reddy took over the reins of Andhra Pradesh, its chief secretary LV Subrahmanyam wrote a letter to all the departments stating that works sanctioned prior to April 1, 2019 but not grounded (work not commenced) are cancelled.