Shares of Jaiprakash Associates declined over eight percent to Rs 52.85 after its cement arm (Jaypee Cement) shelved plan to sell its Gujarat unit on not getting right price.
Jaypee Cement was looking to sell its 4.8 metric tone cement plant and the valuation of the deal was estimated at over Rs 4000 crore.Simultaneously, its subsidiaries-Jaiprakash Power Ventures andJaypee Infratech also tanked 15 percent and 6 percent following this news.
The cement plant sale was aimed at reducing the firm's debt pile. Also, the deal was likely to be carried out at USD 150 a tonne. It is also learnt that the company was in talks with the Birla Group/s cement subsidiary for the transaction.
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