The downgrade was on concerns after its promoter recently sold 1.45% stake in JP Associates and uncertainty over the Supreme Court ruling on coal block allocations, the global investment bank said in a note. Goldman Sachs has also removed the stock from its Asia Pacific buy list.
It may be recalled that Jaypee Infra Ventures recently sold over 13.48 million shares of Jaiprakash Associates through a bulk deal on the National Stock Exchange.
The stock opened at Rs 36.35 and touched a low of Rs 35.30 so far. Over 21 million shares were traded on both the stock exchanges so far.
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