Jaiprakash shares fall on profit-taking after asset sale

MUMBAI (Reuters) - Shares of Jaiprakash Power Ventures Ltd dropped on profit-taking after agreeing to sell two hydroelectric power plants to a consortium led by Abu Dhabi National Energy Co in a deal worth about $1.6 billion.

Jaiprakash Power Ventures shares had surged 12.2 percent on Friday in anticipation of the deal, bringing its gains in February to 27.8 percent, well beyond the 3.1 percent monthly gain in the broader Nifty.

Jaiprakash Power Ventures shares were down nearly 8 percent at 9.33 a.m. Parent Jaiprakash Associates Ltd fell 2.5 percent.

(Reporting by Indulal PM; Editing by Rafael Nam)