PNC Infra‘s share price crashed on Tuesday going down around 10% to hit an intraday low of ₹470.

What Happened: The huge slump today comes as the Central Bureau of Investigation (CBI) conducted searches at the company's corporate office and the residences of the managing director (MD) and whole-time director.

The infra major confirmed the news in an exchange filing and stated that a CBI team conducted searches at the residences of Yogesh Kumar Jain, managing director, and Talluri Raghupati Rao, whole-time director of the company.

Searches were also carried out at the corporate office in Agra, the registered office in New Delhi, and other company offices on the night of June 8. The company clarified that Y K Jain and T R Rao were not arrested, as reported in the media, but were served a summons to appear before the CBI Office in New Delhi.

See Also: AMFI Says Mutual Funds Are Investigating June 4 Issue That Left Investors High And Dry

Media reports suggest that the CBI apprehended two National Highways Authority of India (NHAI) officials accepting a bribe of ₹10 lakh from PNC employees in Madhya Pradesh. The bribe was allegedly in exchange for obtaining final approval, a no-objection certificate (NOC), and the processing of the final bill for NHAI's Jhansi-Khajuraho project.

The CBI arrested NHAI general manager Purushottam Lal Choudhary, posted in Chattarpur, Madhya Pradesh, for his involvement in the ₹10 lakh bribery case, PTI reported. NHAI consultant Sharad Verma, his resident engineer Prem Kumar Sinha, and four employees of PNC Infratech—Satyanarayana Anguluri, Brijesh Mishra, Anil Jain, and Shubham Jain—were arrested on Saturday evening.

Price Action: PNC Infra’s share price was down 8.22% to trade at ₹478.75 on Tuesday afternoon.

Read Next: Ixigo IPO Day 2: Subscription At 3.67 Time, Retail Portion Booked Over 10 Times