JP Associates has extended losses for the second consecutive day and has dipped by over 3% at Rs 36.50 after Jaypee Infra Ventures sold over 13 million shares on the National Stock Exchange on Thursday.
Jaypee Infra Ventures sold 13,489,693 shares of Jaiprakash Associates at Rs 46.33 through a bulk deal, as per the data available on the NSE.
On Thursday, the stock saw one of its biggest drops in share prices, slumping 18% to end at Rs 37.70, after one of its promoters reduced stake in it.
On Thursday, the stock saw one of its biggest drops in share prices, slumping 18% to end at Rs 37.70, after one of its promoters reduced stake in it.
Promoter group firm Jaypee Infra Ventures, which owned nearly 30 per cent stake in JP Associates, pared its holding by 1.45 per cent in a few trading sessions between Monday and Wednesday. And, the shares of JP Associates, after dropping as much as 20 per cent, ended 17.6 per cent lower on Thursday to Rs 37.7. This was the worst fall since January 2009, when it had declined around 30 per cent.
Shares of JP Associates opened at Rs 38, touched a high of Rs 39 and a low of Rs 36 on the BSE. A total of 3,664,639 shares have been exchanged on the BSE so far.
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