Jaypee Infratech falls 4.8% after SC stays NCLT order against company

he scrip opened at Rs 18.65 and has hit a high and low of Rs 18.85 and Rs 17.60 respectively

After witnessing a relief rally on Monday post Supreme Court stayed National Company Law Tribunal's (NCLT) order initiating insolvency proceedings against Jaypee Infratech, the company erased all its gains to fall as much as 4.8% to Rs 17.60 in intra-day on Tuesday. The stock gained 4.8% on Monday after the Apex Court ruling came out.

Meanwhile, IDBI has moved SC seeking modification of its order staying insolvency proceedings against Jaypee Infratech. The NCLT at Allahabad had initiated the insolvency proceedings against Jaypee Infratech based on IDBI's charge that the company has defaulted in loan repayment.

After the ruling of the Apex court,