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According to sources, ICICI bank has an exposure of around Rs 3,000 crore in Jaiprakash Associates, which is into many businesses including cement, construction, hotels and real estate.
Jaiprakash Associates is the flagship company of the Jaypee Group which is engaged in engineering & construction (E&C), cement, hospitality & real estate businesses. JAL is also the holding company for various subsidiaries engaged in cement, power, real estate and other diversified business activities.
Jaiprakash Power share price: The stock jumped 15.39 per cent to scale a fresh 52-week high of Rs 14.32. At this price, the penny scrip has turned into a multibagger by rallying 176.98 per cent from its one-year low of Rs 5.17, a level seen on March 27, 2023. More than 55 per cent of the said rise came during the past one month.
Jaiprakash Associates share price: Bourses BSE and NSE have put the securities of JP Associates under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
In a regulatory filing, Jaiprakash Associates Ltd (JAL) informed that the company has on October 31 defaulted on repayments of a principal amount of Rs 1,733 crore and interest of Rs 2,525 crore.