JP Power plunges as Rs 35 bn QIP issue weighs

Jaiprakash Power Ventures, a part of India's leading infrastructure conglomerate Jaypee Group, plunged on Wednesday after the company announced the opening of its qualified institutions placement (QIP) issue from Tuesday.

The company plans to issue shares worth Rs 35 billion to QIBs. It has fixed floor price at Rs 31.93 a share.

Shares ofthe companyare trading at Rs 30.65, down Rs 2.2, or 6.70% at the Bombay Stock Exchange (BSE) on Wednesday at 10:51 a.m.The scrip has touched an intra-day high of Rs 33.10 and low of Rs 30.50. The total volume of shares traded at the BSE is 645,836.In the earlier session, the shares climbed 2.34%, or Rs 0.75, at Rs 32.85. Currently, the stock is trading down 36.41% from its 52-week high of Rs 48.20 and above 24.85% over the 52-week low of Rs 24.55.

Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 31.75 1.10 3.46 1 Month 37.70 (4.85) (12.86) 3 Months 36.70 (3.85) (10.49) 6 Months 31.05 1.80 5.80 1 Year 47.30 (14.45) (30.55) Note: Based on previous day closing price.