Shares of Jaiprakash Associates today slumped by as much as 20 per cent in morning trade on the bourses after promoter entity Jaypee Infra Ventures sold 1.3 crore shares in the company.
As per data available on the stock exchanges, Jaypee Infra Ventures sold 1,34,89,693 shares of Jaiprakash Associates for Rs 62.40 crore through open market sale route.
Pursuant to this, shares of Jaiprakash Associates plunged as much as 20 per cent to touch an intra-day low of Rs 36.80 on the BSE. After recovering part of the losses the stock was later trading at Rs 39.45, down 13.77 per cent on the BSE at 1151 hours.
Similar movement was seen on the National Stock Exchange as well where the stock opened at Rs 45, then fell nearly 20 per cent to an intra-day low of Rs 36.80. It was later trading at Rs 39.40, down 13.79 per cent at 1152 hours on the NSE.
Market experts attributed the fall in the counter to the bulk sale by Jaypee Infra.
Meanwhile, the broader market was also trading in the negative territory at 27,020.29, down 119.65 at 1153 hours today.