Jai Corp Share Price Tumbles 39% In Five Sessions, Hit Lowest Since August 2023

Jai Corp.'s share price extended its steep fall to the fifth consecutive session on Monday, losing 39% to hit its lowest level in more than a year.

The stock had started falling after an industrial land parcel of over 5,286 acres was sold to Reliance Industries Ltd. at a valuation of Rs 2,200 crore.

The company, promoted by Anand Jain, informed the stock exchange that a subsidiary of Urban Infrastructure Holdings Pvt., that is, Dronagiri Infrastructure Pvt., had sold 74% of its stake in Navi Mumbai IIA Pvt. for Rs 1,628.03 crore to Reliance Industries Ltd., valuing the entire project at Rs 2,200 crore.

Reliance Industries also disclosed the same.

Navi Mumbai IIA is an Integrated Industrial Area, which was converted from NMSEZ in fiscal 2018.

The scrip fell as much as 10% to Rs 203 apiece, the lowest level since Aug. 17, 2023. It pared losses to trade 9.7% lower at Rs 203.6 apiece, as of 12:52 p.m. This compares to a 1.1% decline in the NSE Nifty 50.

It has fallen 45.65% in the last 12 months. Total traded volume so far in the day stood at 1.98 times its 30-day average. The relative strength index was at 19.33, indicating that the stock may be oversold.