TAQA deal: Jaiprakash Power shares fall on profit-taking after asset sale

Written by Reuters | Mumbai | Updated: Mar 3 2014, 20:15pm hrs
Taqa dealJaiprakash Power Ventures shares had surged 12.2 per cent on Friday in anticipation of the TAQA group deal (AP)
Shares of India's Jaiprakash Power Ventures Ltd dropped on profit-taking after agreeing to sell two hydroelectric power plants to a consortium led by Abu Dhabi National Energy Co (TAQA group) in a deal worth about $1.6 billion.

Jaiprakash Power Ventures shares had surged 12.2 per cent on Friday in anticipation of the deal, bringing its gains in February to 27.8 per cent, well beyond the 3.1 percent monthly gain in the broader NSE index.

Jaiprakash Power Ventures shares were down 10 after initially gaining as much as 5.1 percent at 0350 GMT. Parent Jaiprakash Associates Ltd fell 2.4 percent.