Shares of NCC tanked nearly 15 percent on reports that the new Andhra Pradesh government issued orders cancel all projects sanctioned but where work has not begun by April 1.

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The stock fell as much as 14.9 percent to Rs 99.45 per share on BSE. At 11:52 am, the stock was trading 14 percent lower at Rs 100.65 per share on BSE as against a 0.4 percent (163 points) rise in BSE Sensex at 39,996.

YS Jaganmohan Reddy-led government in Andhra Pradesh issued orders to stop engineering works and cancel works which had not yet started despite getting approval before April 1.

AP Chief Secretary LV Subramanyam also issued orders to stop payment to projects which had failed to achieve 25 percent progress and to re-evaluate the project costs. He issued a memo on Thursday stating that the engineering works sanctioned earlier under the Fiscal Responsibility and Budget Manage-ment Act norms have become a huge burden on the exchequer.

Speaking exclusively to CNBC-TV18, NCC management said that they haven't received any message from the Andhra government yet and added that even if the orders are cancelled, their financials won't be impacted.

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