By Shishir Prashant 
PrashantNews
Shares of JP Power on Tuesday locked in 10 per cent lower circuit during the trading session falling to Rs 24.50 amid heavy profit booking.
The total market capitalization of the company stood slightly above Rs 17,000 crore mark. The stock hit its 52-week high at Rs 27.62 on Monday, but fell more than 10 per cent from those levels before closing at Rs 24.52 on Tuesday.
The recent rally in JP Power was major driven by reports that the Adani Group had submitted a bid to acquire the debt-laden Jaiprakash Associates, its parent company via a corporate guarantee on a $150 million external commercial borrowing, which was later converted into a rupee loan. Jaiprakash Associates is undergoing insolvency proceedings.
Before this profit booking today, shares of JP Power have soared nearly 25 per cent in the last one week, while it has soared more than 56 per cent in the last one-month period. The stock has zoomed nearly 125 per cent from its 52-week low at Rs 12.35, hit four months ago, on March 03.