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Shares of GR Infraprojects plunged in morning trade on Wednesday after the firm announced that a construction project worth Rs 592 crore has been annulled.

GR Infraprojects said that the construction project has been annulled by the National Capital Region Transport Corporation (NCRTC). The project was related to the construction of elevated structures in the National Capital Region.

The project was annulled by NCRTC on November 29 due to certain administrative reasons.

Also Read: GR Infraprojects announces completion of Rs 1,827 crore project in Andhra Pradesh

In April 2020, the company emerged as the lowest bidder for the construction of the viaduct from the end of the Ramp at IDPL Complex to the start of the ramp at Rajiv Chowk and three elevated stations of Udyog Vihar, Sector‐17, and Rajiv Chowk (excluding Architectural finishing and Pre‐Engineered Steel Roof structure of Stations) of the Delhi‐SNB Regional Rapid Transit System Corridor.

The infra company posted a consolidated net profit of Rs 336.23 crore in the September quarter compared to Rs 188.6 crore in the same quarter last year. Its net sales advanced 13.49 percent to Rs 2,136.36 crore, while EBITDA jumped 53.52 percent to Rs 626.64 crore.

G R Infraprojects is an integrated road engineering, procurement, and construction (EPC) company largely focused on the road sector. The company has also diversified into projects in the railway sector.

Shares of GR Infraprojects are trading at Rs 1,196.20, down 1.19 percent.