Jaiprakash Associates: Vedanta, Adani Enterprises shares fall up to 4%; here's why

Shares of Vedanta Ltd were trading 4 per cent lower in Monday's trade, as the metals & mining major has reportedly moved NCLAT, challenging  Adani group's bid for Jaiprakash Associates. The Anil Agarwal-led group was in the race to acquire JP associates through an insolvency process, but the lenders in November last year approved the resolution plan or bid of Adani Enterprises Ltd, PTI reported.

The stock fell 4.32 per cent to hit a low of Rs 643.50 on BSE. At 9.24 am, Adani Enterprises was quoting 2.28 per cent lower at Rs 1,883.40. Jaiprakash Associates Ltd last traded on March 17. 

The CIRP of JAL was initiated on June 3, 2024, and Bhuvan Madan was appointed as the Resolution Professional. The resolution plan submitted by the company was approved by the Committee of Creditors with a voting share of 93.81 per cent on November 18, 2025.  On March 17, the National Company Law Tribunal (NCLT), Allahabad bench, approved Adani Enterprises Ltd's Rs 14,535 crore bid, through the insolvency process, the Adani firm earlier informed stock exchanges BSE and NSE.

Adani Enterprises said the approved resolution plan would be implemented by AEL, its promoters, promoter group, and such other persons who are generally identified as being part of the Adani group. They included Adani Power Limited, Adani Infra (India) Limited, Adani Ports and Special Economic Zone Limited, Karnavati Aviation Private Limited and/or Mandhata Build Estate Limited. 

The plan can also be implemented through any special purpose vehicle, including one or more special purpose vehicle held by any Adani Entity, or any other entity and/or nominee, in accordance with the terms of the approved resolution plan.

“India’s transparent system has taken a hit. In the public auction, we increased our bid and then we were given in writing that we are the highest bidder,” Agarwal last week told Business Today, adding that he never went into details but what happened was not right from an investor viewpoint.

When asked which assets of Jaiprakash Associates were strategic for Vedanta, Agarwal said the beleaguered company’s power was of key interest to Vedanta. “We are not in hydropower, and their hydropower assets were of key interest to us,” he said. Jaiprakash Associates also had significant real estate interests in Uttar Pradesh’s Noida.