Shares of Jaiprakash Associates fell nearly 6 percent intraday, hitting a low of Rs 22.85 per share after the Reserve Bank of India (RBI) sought Supreme Court nod to begin insolvency proceedings against the company.
The move had more than 25,000 homebuyers of Jaypee Infratech in Noida and Greater Noida worried that if insolvency proceedings against JAL are allowed, who will deposit Rs 2,000 crore with the Supreme Court registry and ensure that homebuyers are refunded from the amount, sources told Moneycontrol.
Coal India extended gains to 7 percent in morning on revision in non-coking coal prices.
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