Vedanta shares surge 4% as firm moves Supreme Court against Adani Group’s Jaypee resolution plan

Anil Agarwal on Sunday claimed Vedanta had received written confirmation that it had won a bid for a Jaypee Group asset, but the decision was subsequently reversed, without elaborating on the reasons.

In a social media post, Agarwal said Vedanta was "declared the highest bidder publicly" to acquire Jaiprakash Associates Ltd (JAL) through the insolvency process.

Attaching a source-based media report about the price opening meeting of lenders of the insolvent real estate company on September 5, Agarwal said, "It was a transparent process." We were informed in writing that we had won."

"But life is never so simple. After some days, the decision was changed," he added.

Billionaire Gautam Adani's group was the only other bidder for JAL, the flagship company of the Jaypee Group.

The Committee of Creditors (CoC) of JAL evaluated the rival bids and subsequently went to the insolvency court NCLT for approval of the Adani bid.

The NCLT's Allahabad bench approved the bid, against which Agarwal's Vedanta group has filed a challenge before the appellate body NCLAT.

The National Company Law Appellate Tribunal (NCLAT), in the second hearing last week, did not stay NCLT's decision approving Adani's bid for the JAL.

Agarwal said he did not want to go into the details of the reversal of his group's winning bid. "That is for the right forum to decide."

Agarwal said the episode brought back memories of his interactions with Japyee group founder Jaiprakash Gaur, who had earlier expressed a desire that the group's assets be passed on to "safe hands" and carried forward with the right intent.

"We have no attachment to this asset. If it comes, it is God's grace. If it goes, that is also his wish," he said, adding that commitments made in line with "dharma" should not be taken back.

He said Vedanta would present facts through appropriate channels and follow due process, drawing on teachings from the Bhagavad Gita.

JAL, which has high-quality assets and business interests spanning real estate, cement manufacturing, hospitality, power and engineering & construction, was admitted to insolvency in June 2024 after it defaulted on payments of loans aggregating ₹57,185 crore.

NCLAT declines interim stay on Adani’s bid

On March 24, the insolvency appellate tribunal had declined any interim stay over the Vedanta Group's plea against the order passed by the NCLT approving the ₹14,535 crore bid by the Adani Group for acquiring JAL.

The National Company Law Appellate Tribunal's (NCLAT) two-member bench sought a response from the Committee of Creditors (CoC) of JAL within a week. It also directed to list the matter on April 10 for the next hearing.

Vedanta share price

As Vedanta moved to the top court, shares of the firm witnessed buying interest on Monday. At 1:23 PM, the stock was trading at ₹666 per share on the National Stock Exchange, gaining 2.56%.

Over a month’s time, Vedanta shares have slipped 9%. From the beginning of the year, shares of Vedanta have soared 10%.

Shares of the firm had hit a 52-week high of ₹769.8 on January 29, 2026, and a 52-week low of ₹363 on April 7, 2025.

The company has a total market capitalisation of ₹2.57 lakh crore, according to data on the NSE.