The deal, part of the Jaypee Group's plan to cut Rs 60,000-crore debt, follows months of negotiations.
Deal comes within days of Abu Dhabi's TAQA pulling out of agreement.
TCS, ICICI Bank, Sun Pharma,Tata Motors and HDFC among the top losers for the day
Since April 1, promoters of Jaiprakash Associates have released more than 225 million Jaiprakash Power Ventures shares (valued at Rs 425 crore) pledged with lenders.