JP Power Ventures and JP Associates have lost about Rs 16.60 billion in market capitalisation in Thursday's trade. Shares of two Jaiprakash Group firms have been under tremendous pressure Thursday after JP Power said it has called off talks Anil Dhirubhai Ambani Group (ADAG) for sale of hydropower assets.

Talks between JP Power and ADAG failed owing to differences on commercial aspects of assets sale. Manoj Gaur, the chairman Jaypee group, said, ''The company was determined to take steps in the larger interest of the shareholders in the prevailing economic sentiment in the country.''

The assets sale is very crucial for JP Group, which is trying to reduce huge debt pile. Failure to conclude deal raised concerns about group's asset monetization program. For that reason, JP Power and JP Associates attracted heavy selling today.

JP Power's shares  plunged 13.92%, which wiped out Rs 4.41 billion in market value. On the other hand, JP Associates lost Rs 12.20 billion in market value due to 19.15% drop in share prices at the BSE. (Thursday)

Post this big drop, market capitalisation of JP Power and JP Associates stood at Rs 35.70 billion and Rs 63.73 billion respectively.