Shares of KEC International extended losses, declining over 10% on Wednesday, November 19, after it issued a clarification regarding the nine-month exclusion from Power Grid tenders, new contracts, saying it will have no material impact on the company.

A day prior, KEC International Ltd. said it had been excluded by Power Grid Corporation of India Ltd . from from participating in the tenders and from receiving contract awards for nine months, starting November 18.

KEC International's clarification

On Wednesday, KEC International said it has achieved an order intake of ₹17,066 crore in the current financial year, so far, up 17% from the year-ago period. Of this, the share of order intake of the Power Grid Corporation is 4% as compared to its share of 27% in the previous year.

KEC I

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