Jaiprakash Power Ventures slipped over 11% to Rs 12.10 after the company called off its latest discussions with Anil Ambani-owned Reliance Power to sell off its hydro power portfolio.
In the opening trades, the stock hit a new 52- week low of Rs 11.95 but recovered quickly.
In July, Reliance Power Ltd had agreed to buy the hydropower assets of JP Ventures Ltd, after a consortium led by Abu Dhabi National Energy Co. PJSC (Taqa), called off the Rs 9,689-crore plan to buy two of Jaiprakash’s hydropower plants.
It is learnt that the regulatory uncertainties around tariff issues of JP Power's Karcham Wangtoo plant have hit the Rs 12,000-crore deal with ADAG. However, JP Power stated that discussion with ADAG had been called off 'for reasons not attributable to any regulatory uncertainities but due to difference of commercial aspects'.
The stock opened at Rs 13.30 is the high point of the day thus far. A combined volume of over 83 lakh shares have changed hands on BSE and NSE.
