After Sun Pharma stock crash, co-promoter likely to quit Jaypee Infra race

Suraksha Asset Reconstruction, owned by Sudhir Valia, a co-promoter of Sun Pharmaceutical Industries, is likely to drop out of the race for Jaypee Infratech, according to sources. Suraksha was planning to make a bid for Jaypee in a tie-up with Dosti Realty, a Mumbai-based real estate developer.
The ongoing problems at Sun Pharmaceutical, which resulted in the share price of the pharma major falling 37 per cent since September last year (see chart), might have prompted a rethink. A source familiar with the developments said, “Valia is unlikely to proceed as a bidder in the bankruptcy ...