 "Jaypee Group stocks hit all-time lows")
Shares of all three listed companies of Jaypee Group – Jaiprakash Associates (Rs 6.31), Jaypee Infratech (Rs 6.14) and Jaiprakash Power Ventures (Rs 4.12) – were trading at their multi-year lows on the Bombay Stock Exchange (BSE).
Thus far in 2016, these stocks have underperformed the market by falling between 40%-52% as compared to 2.7% decline in the S&P BSE Sensex.
The aggregate market capitalization of these companies declined to Rs 3,646 crore from Rs 6,727 crore as on December 31, 2015. In January 2008, JP Associates alone had a market capitalization of around Rs 50,000 crore.
On April 11, Platinum Investment Management had sold 8.53 million equity shares of JP Associates via open market. Earlier, in February 2, HSBC Global Asset Management (Hong Kong) offloaded 3.86 million shares of the company through market sale.
For the first nine months (April-December) of the financial year 2015-16, these companies had posted an aggregate net loss of Rs 1,949 crore against a profit Rs 117 crore in the same period last fiscal.
Thus far in 2016, these stocks have underperformed the market by falling between 40%-52% as compared to 2.7% decline in the S&P BSE Sensex.
The aggregate market capitalization of these companies declined to Rs 3,646 crore from Rs 6,727 crore as on December 31, 2015. In January 2008, JP Associates alone had a market capitalization of around Rs 50,000 crore.
On April 11, Platinum Investment Management had sold 8.53 million equity shares of JP Associates via open market. Earlier, in February 2, HSBC Global Asset Management (Hong Kong) offloaded 3.86 million shares of the company through market sale.
For the first nine months (April-December) of the financial year 2015-16, these companies had posted an aggregate net loss of Rs 1,949 crore against a profit Rs 117 crore in the same period last fiscal.
