Vedanta Shares Slide 3% on Concerns Over ₹17,000-Crore Bid for Jaiprakash Associates Assets

a shares fell nearly 3% on September 8 after reports surfaced that the company has made a ₹17,000-crore offer to acquire the stressed assets of Jaiprakash Associates, outbidding the Adani Group in the open challenge round. At the same time, shares of Jaiprakash Power Ventures hit the 5% upper circuit at ₹20.02 apiece. According to a CNBC-TV18 report citing sources, Vedanta’s bid is currently the highest among contenders for the bankrupt infrastructure company, which faces claims of around ₹59,000 crore from creditors. Other interested parties — including Dalmia Bharat Group, Jindal Power, and PNC Infratech — are yet to make final submissions. The report could not be independently verified by Moneycontrol. Brokerage firm Nuvama Institutional Equities flagged the development as a negative for Vedanta’s minority shareholders. In its note, the firm said it remained unconvinced about the strategic rationale of acquiring Jaiprakash’s assets, especially at a time when the group’s priority should be debt reduction. “Funding the ₹17,000-crore bid itself would be difficult, and culmination of the transaction is likely to restrict any re-rating for the stock,” Nuvama warned. Despite its concerns, the brokerage retained a ‘Buy’ rating on Vedanta.