Jaypee Infratech has dipped 5% at Rs 40 on reports that the Uttar Pradesh government scrapped 34 km-long Agra inner ring road project.
“The government cancelled the contractual agreement entered into by the Jaypee Group and the UP government for constructing a 34-km inner ring road surrounding Agra,” the report suggests.
The decision was taken after taking the developer into confidence which had already expressed its desire to quit, following non-availability of additional land as sweetener as promised in the past, added report.
The stock opened at Rs 39.40 and hit a low of Rs 37.85 on the NSE. A combined around 470,354 shares have changed hands on the counter in morning trades on both the exchanges.
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