Shares in Jaypee group companies Jaiprakash Associates and Jaiprakash Power Ventures fell after voter surveys indicated that the Samajwadi Party (SP) is likely to get the largest number of seats in state elections in Uttar Pradesh, two dealers said.
The results of the elections will be known on Tuesday. "SP coming in power is a big negative for Jaypee group's ongoing projects," said an institutional dealer at a domestic brokerage, noting the group's close links to the ruling Bahujan Samaj Party.
At 11:08 a.m, shares of Jaiprakash Associates were down 4.70% at RS 70.95, while those of Jaiprakash Power were down 3.44% at Rs 42.15.
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