New Delhi, May 27 -- Defying the weak broader market, shares of Jaiprakash Power Ventures hit the 20% upper circuit in Tuesday's trade, 27 May, reaching a nine-month high of Rs.22.95 apiece after Adani Power acquired a 24% stake in the company.

The company said a share sale and purchase agreement has been signed between Jaiprakash Associates Ltd. (JAL) and Adani Power Ltd. (APL) for the transfer of a 24% shareholding in Jaiprakash Power Ventures Ltd. (JPVL), CNBC-TV18 reported.

Last week, Adani Power said it had entered into definitive agreements for the acquisition of a 24% stake in Jaiprakash Power Ventures Limited held by JAL, along with the acquisition of JAL's 180 MW thermal power plant located in Churk and other related assets, in...