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Jaiprakash Associates drops on insolvency plea

ICICI Bank has filed a petition under section 7 of the Insolvency and Bankruptcy Code, 2016, against Jaiprakash Associates. Reacting to this, shares of Jaiprakash Associates were trading 1.5% down on Tuesday.

The Allahabad bench of  the National Company Law Tribunal (NCLT) has asked the bank to serve a notice to Jaiprakash Associates within three days and directed Jaiprakash to give a reply by September 17, the Jaypee Group firm said in a statement to the exchanges on Monday after market hours.

Jaiprakash Associates share price is currently trading at Rs10.52, down by Rs0.16 or 1.5% from its previous closing of Rs10.68 on the BSE.

The scrip has opened at Rs10.55. It has touched a high and low of Rs10.65 and Rs10.21, respectively. So far 1,44,92,480 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs2,597.86cr.

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