JP Associates drops 5% as ICICI Bank files insolvency case against firm

NEW DELHI: Shares of Jaiprakash Associates were trading 5 per cent lower in Monday’s trade after ET Now, quoting an agency, said ICICI Bank has filed insolvency case against the company.

The stock fell 5.14 per cent to hit a low of Rs 10.52 on BSE. Last week, the Registrar of Companies2018 has granted extension of three months for holding 21st annual general meeting of the company.

Jaiprakash Associates, which is a flagship company of the crisis-hit Jaypee group, is into construction, cement, real estate, hospitality and power businesses.


The debt-ridden company reported a net loss of Rs 285.02 crore for the June quarter, compared with Rs 764.99 crore profit in the year-ago period.

Total income declined to Rs 1,700.40 crore for the quarter from Rs 2,602.90 crore in the corresponding period of the last year.