JP Power share price tumbles 7% after strong rally. Why is it down today?
Shares of Jaiprakash Power Ventures Ltd fell nearly 7% on Friday, pulling back from a strong two-day rally that had lifted the stock close to multi-month highs. Investors who drove the sharp rise earlier in the week appeared to lock in gains, leading to a broad round of profit-taking in today’s session.
The stock had surged close to 30% over the past two days, fuelled by optimism around the improving debt situation of the wider Jaypee Group. The recent boost came after creditors approved the Adani Group’s proposal to take over key assets of Jaiprakash Associates, the flagship company of the group.
The development had revived expectations that the group’s long-standing financial troubles were finally moving toward a resolution, which…
