Jai Corp stock down 9 on SEZ trouble

Shares of Jai Corp Ltd fell nearly 9 percent after reports on the weekend that the Maharashtra state government has decided not to clear a proposal to set up a special economic zone SEZ which the company is co-promoting,several dealers said.

The reports said the government had passed a resolution to denotify the proposal for the project in Raigad district as land acquisition had not been completed.

Jai Corp and Reliance Industries are among the promoters of the multi-billion dollar project.

Reliance Industries shares were up 1.045 at Rs 947.10 at 12:21 p.m.

At 10.57 a.m.,shares of Jai Corp were down 4.94 percent at 149.25 rupees.