H.G. Infra Engineering Limited shares traded lower on Thursday after the company informed exchanges that the Maharashtra State Road Development Corporation (MSRDC) had returned bank guarantees submitted against bid security for two highway projects in Maharashtra.
The development relates to two packages of the Nagpur-Chandrapur Access Controlled Super Communication Expressway project, for which the company had earlier been declared the L1 bidder in May 2024.
As of 11:22 AM on May 21, 2026, H.G. Infra Engineering shares were trading at ₹587.10, down ₹7.65 or 1.29% from the previous close of ₹594.75 on the NSE.
The stock remained under focus following the company’s latest clarification regarding the status of the expressway projects.
The projects were awarded under the Engineering, Procurement and Construction (EPC) mode for sections of the Nagpur-Chandrapur Access Controlled Super Communication Expressway in Maharashtra.
The NC-04 package covers a 28.20 km stretch from Chargaon in Bhadravati taluka to Nandgaon Kh in Korpana taluka of Chandrapur district. MSRDC had estimated the project cost at ₹1,554.45 crore, while H.G. Infra’s bid project cost stood at ₹1,991.11 crore.
The NC-05 package includes a 31.75 km stretch from Nandgaon Kh in Korpana taluka to Jogapur in Ballarpur taluka of Chandrapur district. The estimated project cost by MSRDC was ₹1,654.92 crore, whereas H.G. Infra’s bid project cost was ₹2,151.11 crore.
According to the company’s disclosure, the bank guarantees submitted in relation to the projects were returned by MSRDC without any explanation.
H.G. Infra stated that it subsequently sought clarification regarding the status of the projects and the reasons behind the return of the bank guarantees. However, the company noted that it has not received any formal communication or response from MSRDC so far.
Infrastructure companies remain sensitive to developments related to project awards, execution timelines and government contracts. Any uncertainty around large EPC projects can influence investor sentiment, especially for companies with significant exposure to road and highway construction.
Market participants are likely to monitor further communication from MSRDC and updates from the company regarding the status of the projects.
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H.G. Infra Engineering has stated that it is awaiting clarification from MSRDC after the return of bank guarantees linked to two Maharashtra expressway EPC projects. While the company was earlier declared the L1 bidder for both contracts, no formal explanation regarding the latest development has yet been communicated by the authority.
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Published on: May 21, 2026, 11:34 AM IST
Neha Dubey
Neha Dubey is a Content Analyst with 3 years of experience in financial journalism, having written for a leading newswire agency and multiple newspapers. At Angel One, she creates daily content on finance and the economy. Neha holds a degree in Economics and a Master’s in Journalism.
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