Jaypee Group companies – Jaiprakash Associates and Jaiprakash Power Ventures have slipped more than 4% each, extending their yesterday’s over 5% fall, on reports that the Samajwadi Party (SP) appears all set to emerge as the single largest party in Uttar Pradesh.
The Mulayam Singh-led party took an early lead with it being ahead in 85 of the 140 seats for which trends were available till 9.21 am. The ruling Bahujan Samaj Party is ahead in 32 seats while the BJP is ahead in 42 seats.
SP coming in power is a big negative for Jaypee group's ongoing projects, according to media reports, noting the group's close links to the ruling Bahujan Samaj Party.
Among the individual stocks, Jaiprakash Associates has dipped 6% at Rs 66.15, while Jaiprakash Power Ventures is trading down 8% at Rs 38.10 on the Bombay Stock Exchange.