Shares in Jaiprakash Associates fell over 3 per cent to Rs. 35.30 on Friday. Goldman Sachs downgrades the stock to “neutral” from “buy” and removes from Asia Pacific buy list, citing uncertainty after one of its promoters sold 1.45 per cent stake.
Uncertainty on Supreme Court ruling on coal allocations is also cited as a key reason for downgrade.
As of 11.24 a.m. JP Associates shares traded 2.6 per cent lower at Rs. 35.60 underperforming the Nifty which traded 0.02 per cent lower at 8,083.9.