JP Group

After acquisition, Dalmia's capacity mix will include 52 per cent in the east, 26 per cent in the south, 16 per cent in the central region and 6 per cent in the west

When the whole street was celebrating Holi with new highs, one counter was frowning. The stocks of the Jaiprakash group, which has significant business interests in Uttar Pradesh and Uttarakhand, fell by up to 9.1 per cent.Against a Sensex gain of 1.71 per cent, JP Power Ventures lost 3.97 per cent at Rs 5.57, Jaiprakash Associates ended 5.7 per cent lower at Rs 14.1 per share, and Jaypee Infratech fell 9.1 per cent to close at Rs 10.59 per share. "They were the favourites of the Mayawati regime. What happened to Mayawati in the elections is reflected in the prices," said a Delhi-based broker. The Noida-based group, founded by former state government engineer Jaiprakash Gaur, which was once seen as close to the Mayawati regime, has been struggling with debt issues. The troubles have worsened after 2012, when a new government came to power in UP. The consolidated debt of the group, now headed by Gaur's son Manoj, stood at Rs 68,500 crore at the end of 2015-16. The stocks had gained ..