Jaypee Group shares tank after Reliance Power calls off hydro deal
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Shares Jaypee Group companies such as Jaiprakash Associates, Jaiprakash Power Ventures Ltd (JPVL) and Jaypee Infratech have plunged by up to 24% after Reliance Power called off a deal with Jaiprakash Power Ventures Ltd (JPVL) to buy the JVPL’s entire hydel power portfolio.
“Due to prevailing regulatory uncertainties and tariff issues, which impact valuations, Reliance Power and JPVL have terminated discussions regarding Reliance Power’s acquisition of JPVL’s hydro portfolio of three projects, with an aggregate capacity of 1,791 mega watts, Reliance Power said in a statement.
JVPL said that for reasons not attribute to any regulatory uncertainties but due to difference of commercial aspects, discussion with Anil Dhirubhai Ambani Group (ADAG) has been called off.
In July, R-Power had agreed to buy the hydropower assets of JP Ventures.
Among the individual stocks, Jaiprakash Associates has tanked 24% to Rs 24.05, also its 52-week low in intra-day trade on BSE. JPVL has plunged 18% to Rs 11.20, while Jaypee Infratech dipped 16% to Rs 19.45 on BSE.
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