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Jaiprakash Associates, Jaypee Infra shares plunge up to 5% after SC ruling

Press Trust of India  |  New Delhi 

Shares of and Jaypee Infratech plunged up to 5 per cent today after the asked the National Company Law Tribunal, Allahabad, to deal with proceedings against the group.

The scrip of tumbled 5.15 per cent to close at Rs 14.19 on During the day, it plunged 9.75 per cent to Rs 13.50.

Shares of Jaypee Infratech also went down by 4.90 per cent to end at Rs 4.66, its lower circuit limit, on the

In a setback to the Jaypee group, the today asked the NCLT, Allahabad, to deal with proceedings against (JIL) and barred the group or its promoters from participating in the fresh bidding process.

A bench headed by said the limitation period of 180 days to conclude the proceedings will commence from today.

The top court also allowed the (RBI) to direct the banks to initiate separate insolvency proceedings against JIL's holding company (JAL).

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 09 2018. 17:20 IST