Jaiprakash group shares slump after deal called off

Reuters Market Eye - Shares in Jaiprakash group companies plunge. Jaiprakash Associates slumps over 18 percent and Jaiprakash Power Ventures plunges over 14 percent.

Jaiprakash Power Venture said on Wednesday a deal to sell its entire hydropower business to Reliance Power Ltd has collapsed.

"This will further put pressure on the JP group to clear debt in its books. It's negative to the group," said an analyst with a foreign brokerage.

(Reporting by Indulal PM)