New Delhi, Feb. 18 -- Shares of Patel Engineering declined by 3.5 percent on Tuesday, February 18, despite the company securing a significant irrigation project worth Rs.1,090.45 crore. The company, in a joint venture, emerged as the lowest bidder (L1) for the project, which has been awarded by the Maharashtra Krishna Valley Development Corporation. Patel Engineering's share in the contract stands at Rs.218.09 crore.

The irrigation project is located in Kalaj village, Phaltan Taluka, Satara district, Maharashtra, and is expected to be completed within 36 months. Patel Engineering will execute the project as part of a joint venture, holding a 20 percent share.

The scope of work includes the construction of a Pipe Distribution Network, in...