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