India's Jaiprakash Associates plunges most in nearly 3 years

Jaiprakash Associates

21/05/2018 07:25

** Shares of infrastructure company Jaiprakash Associates
Ltd  JAIA.NS  slump as much as 29.51 pct in their biggest pct
loss since June 2015
    ** Shares fall to 12.30 rupees, their lowest since June 2017
    ** More than 167 mln shares change hands, as of 0623 GMT,
2.6 times the 30-day avg volume of 62 mln shares
    ** March-qtr loss narrowed to 787 mln rupees ($11.56 mln),
but co said https://www.bseindia.com/xml-data/corpfiling/AttachLive/b1331399-7a67-477d-8862-e0d6c172d595.pdf
 results could not be compared with the same period last year as
it sold major part of its cement business to UltraTech Cement
 ULTC.NS  
    ** Debt-laden Jaiprakash has reported a loss for 14 of the
past 15 quarters
    ** Separately, Economic Times reported https://economictimes.indiatimes.com/news/company/corporate-trends/jaiprakash-associates-to-appeal-against-nclt-order/articleshow/64245448.cms
 that co will appeal against the National Company Law Tribunal
Order that directed it to return nearly 760 acres of land to
unit Jaypee Infratech Ltd  JYPE.NS 
    ** Shares of Jaypee Infratech, which is being pursued in the
bankruptcy court over loan defaults, were trading 5 pct lower
    
    ($1 = 68.0850 Indian rupees)

 ((Reuters Messaging:
tanvi.mehta.thomsonreuters.com@reuters.net))