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Shares of infrastructure company Jaiprakash Associates Ltd slumped as much as 29.51 per cent in their biggest percentage loss since June 2015.
The shares fell to Rs 12.30, their lowest since June 2017. More than 167 million shares changed hands, as of 11.50 am, 2.6 times the 30-day average volume of 62 million shares.
March-quarter loss narrowed to Rs 78.7 crore ($11.56 mln), but the company said results could not be compared with the same period last year as it sold major part of its cement business to UltraTech Cement. Debt-laden Jaiprakash has reported a loss for 14 of the past 15 quarters.
Shares of Jaypee Infratech, which is being pursued in the bankruptcy court over loan defaults, were trading 5 per cent lower.
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