Overview
- Shares slipped roughly 7–8.5% on Friday, touching Rs 19.79 on the BSE after a rapid two-session rally.
- The stock had jumped about 27–30% earlier in the week on optimism around group-level developments.
- Buying was spurred after the Committee of Creditors approved Adani Group’s resolution plan for Jaiprakash Associates and a Letter of Intent was issued on November 19.
- Jaiprakash Associates holds about a 24% stake in JP Power, which fed a proxy rally on hopes of spillover benefits.
- One report pegged Adani’s proposal for Jaiprakash Associates at roughly Rs 14,535 crore, though this does not directly alter JP Power’s operations or balance sheet.