JP Associates tanks as Q1 loss widens

Jaiprakash Associates tanked in morning deals after the company posted a net loss of Rs 80.6 crore in the quarter ended June 2014. Meanwhile, the company had reported a profit of Rs 334.51 crore.

The stock was down 7% to Rs 54.90 at 1200 hrs. The volumes spurted nearly 2.5 times with a total of a little over three crore shares changing hands on BSE and NSE.

JP Associates' interest cost in Q1 came in at Rs. 789 crore whereas its EBITDA came in at Rs. 791 crore.

Deutsche Securities Mauritius Limited on July 31 had sold 1,32,13,416 shares of the company for Rs 58.43 on the NSE.