GR Infraprojects Ltd shares fell over 5 percent in intraday trade on Tuesday to hit a fresh 52-week low, despite the company bagging two projects worth Rs 1,614 crore from National Highways Authority of India (NHAI).

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The company announced on Tuesday that it emerged as the lowest bidder or L-1 bidder for two projects of the NHAI in Karnataka. The total bid cost of the said projects amount to Rs 1,613.84 crore.

GR Infraprojects has received one project for the construction of a 4-6 lane bypass for Belagavi City from Km 11.773 (Km. 11 Goa side of NH‐4A) to Km 46.253 (Km. 516 Pune side of NH‐4) in Karnataka. The design length of the aforementioned bypass is 34.48 kilometres, and the bid cost of the project is Rs 897.37 crore.

The construction is to be completed 912 days from the date of appointment, and the operation period will be 15 years from the commercial operation date.

The other project includes the construction of a 4-lane with paved shoulders from Design Ch. 182.300 to Design Ch. 228.500 in the Belgaum-Hungund-Raichur section of NH‐748A in Karnataka under the NH(O), GR Infraprojects stated.

The bid cost of the project is Rs 716.47 crore.

The construction is to be completed 730 days from the date of appointment, and the operation period will be 15 years from the commercial operation date.

Both the aforementioned projects will be operated under the Hybrid Annuity Mode (HAM).

Shares of GR Infraprojects ended 3.5 percent lower at Rs 950. Shares have dropped nearly 20 percent so far this year.