Shares of Jaiprakash Associates (JP Associates) hit a fresh 52-week low of Rs 9.32 per share, down 8%, extending their 12% decline in past four days on reports that ICICI Bank filed insolvency case against the company.
“A copy of Order dated 10.09.2018 passed by Hon'ble NCLT Allahabad (as obtained just now) from which we find that ICICI Bank has filed petition under section 7 of the Insolvency and Bankruptcy Code, 2016, against the Company,” JP Associates said in clarification of the news report.
As is clear from the Order itself that no notice of the Petition had been served on the Company. The Company has been given time to file its reply within seven days and the matter is listed for 17th September 2018, it added.
At 11:13 am, the stock was trading at Rs 9.55 on the BSE, down 5.45% from the previous close. A combined 48.1 million shares were traded on the counter so far, according to the exchange's data.