ICICI Bank Filed Insolvency Case Against JP Associates- Company Drops 5%

September 10, 2018

On Monday, the Shares of Jaiprakash Associates were trading 5 per cent lower in morning trade. This was when the ICICI Bank has filed insolvency case against the company.

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

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

For the June quarter, the debt-ridden company reported a net loss of Rs 285.02 crore, 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.

 

About nehanchal

I am Nehanchal. 3 years ago, I started my career as content writer at Money classic Research. I am fascinated with this job and I feel habit of reading and writing enhances your skills. I love to write technical and health blogs. However, I am engineer turned writer and pursued graduation at Rajiv Gandhi Prodyogiki Vishwavidhyalaya.
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