Jaiprakash Associates Falls Most in 5-1/2 Years
Shares in Jaiprakash Associates slumped as much as 19.5 per cent on Thursday. The stock headed towards its biggest single-day fall since January 2009.
Traders cited speculation that promoters are reducing their stakes.
Jaiprakash clarified in a statement that one of its promoters had reduced its stake in the company to 28.30 per cent from 29.75 per cent.
The engineering and construction firm attributed the sale to meet fund requirements, including for a "social cause."
Traders said the shares are also typically vulnerable to fall because of concerns about the company's debt levels.
The company has a net debt of Rs 63,111crore and a debt-to-equity ratio of nearly 6 times, Thomson Reuters data shows.
Copyright: Thomson Reuters 2014
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