Jaiprakash Associates falls 22% in two days; Jaypee Infratech down 5%
JP Associates has tanked 15% to Rs 15.90 in intra-day trade, extending its Monday's nearly 9% decline on BSE.
 "Banks eye control of Jaiprakash Associates in debt-for-equity swap: Sources")
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Shares of Jaypee Group companies were under pressure with Jaiprakash (JP) Associates down more than 20%, while Jaypee Infrastructure was locked in lower circuit of 5% for the second straight day.
JP Associates tanked 15% to Rs 15.90 on BSE in intra-day trade, extending its Monday’s nearly 9% decline after the Supreme Court directed the company to pay Rs 50 lakh to home buyers of Kalypso project.
"Hon’ble Supreme Court of India has directed Jaiprakash Associates to pay a sum of Rs 50 lakh within a period of four weeks hence, to respondent-Society, which shall distribute the same on equal measure amongst the flat buyers for payment purpose,” the company said in a BSE filing.
Jaypee Infratech was locked in lower circuit of 5% at Rs 13.25 on BSE with no buyers were seen on the counter. A combined 744,909 shares changed hands and there were pending sell orders for 624,887 shares changed hands on the counter on BSE and NSE till 10:40 AM.
In past two weeks, the stock was down 27% form Rs 18.25 on September 5, as compared to 1.7% rise in the S&P BSE Sensex.
According to Business Standard report, the Supreme Court on September 11 announced a series of steps in the Jaypee Infratech case to ensure homebuyers’ interests were protected without severely affecting the sanctity of the young insolvency law. CLICK HERE TO READ FULL REPORT.
JP Associates tanked 15% to Rs 15.90 on BSE in intra-day trade, extending its Monday’s nearly 9% decline after the Supreme Court directed the company to pay Rs 50 lakh to home buyers of Kalypso project.
"Hon’ble Supreme Court of India has directed Jaiprakash Associates to pay a sum of Rs 50 lakh within a period of four weeks hence, to respondent-Society, which shall distribute the same on equal measure amongst the flat buyers for payment purpose,” the company said in a BSE filing.
Jaypee Infratech was locked in lower circuit of 5% at Rs 13.25 on BSE with no buyers were seen on the counter. A combined 744,909 shares changed hands and there were pending sell orders for 624,887 shares changed hands on the counter on BSE and NSE till 10:40 AM.
In past two weeks, the stock was down 27% form Rs 18.25 on September 5, as compared to 1.7% rise in the S&P BSE Sensex.
According to Business Standard report, the Supreme Court on September 11 announced a series of steps in the Jaypee Infratech case to ensure homebuyers’ interests were protected without severely affecting the sanctity of the young insolvency law. CLICK HERE TO READ FULL REPORT.