Power generation firm Jaiprakash Power Ventures' stock tanked a whopping 9 per cent in morning deals after reports said that a consortium led by Abu Dhabi-based National Energy Co (TAQA) has agreed to buy two hydroelectric power plants from the company for about US$616 mn
In a press statement, the company said TAQA, which holds a 51% stake in the consortium, will have control of operations and management of both facilities under the proposed deal.
The remaining equity will be held by one of Canada's largest institutional investors -39% and IDFC Alternatives' India Infrastructure Fund II-10%.
At 1000hrs, the stock is down over 9 per cent at Rs 15.05 on the Bombay Stock Exchange (BSE) on Monday. It touched a high of Rs 17.70 and a low of Rs 14.30 during the day. A total of 14,68,3248 shares changed hands on both the BSE and NSE as compared to 10-day average volumes of 67,57,947.
