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.

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