Jaiprakash Associates shares will be delisted from BSE and NSE from June 18.
The move follows Adani Group’s ₹14,535 crore resolution plan under insolvency proceedings.
Existing shareholders will receive no payout as equity value is wiped out.
Jaiprakash Associates Ltd (JAL) is set to be delisted from the BSE and NSE from June 18, marking the final stage of its insolvency resolution process, which has been among the longest-running corporate bankruptcy cases in India.
The company confirmed the development in an exchange filing, saying it has received final approval from both stock exchanges for the delisting of its equity shares.
1 June 2026
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According to the filing, trading in JAL shares will effectively come to an end from Thursday. The company also expressed appreciation to the exchanges for their support during its listing period. The stock is currently under temporary suspension ahead of its formal exit from the bourses.
Adani-led Resolution Plan and Asset Takeover
The delisting follows the approval of Adani Enterprises’ ₹14,535 crore resolution plan by the National Company Law Tribunal (NCLT) in March this year. The plan covers key JAL assets, including real estate projects such as Jaypee Greens and Jaypee International Sports City, along with stakes in power assets.
As part of the resolution, Adani Power has also signed agreements to acquire a 24% stake in Jaiprakash Power Ventures for around ₹2,994 crore and the 180 MW Churk thermal power plant in Uttar Pradesh for ₹1,200 crore. In May, the Adani Group reportedly paid around ₹6,000 crore as the first tranche to lenders under the approved plan.
Shareholders Face Complete Equity Wipeout
As of March 2026, around 6.48 lakh shareholders held stakes in JAL, including a large retail base of nearly 6.4 lakh investors. However, under the approved insolvency resolution plan, existing shareholders will receive no payout.
The company has stated in earlier filings that the liquidation value is insufficient to cover even secured creditors in full, leaving equity holders with zero consideration. ICICI Bank holds a stake of nearly 8% in the company, while retail investors collectively own about 45%.
With the delisting effective June 18, JAL’s long insolvency journey formally concludes, handing control of its key assets to the Adani Group-led resolution framework.
