JAL shares to delist from BSE and NSE on Thursday. What happens to its 6 lakh shareholders?

Jaiprakash Associates (JAL) shares will delist from BSE and NSE on June 18, 2026, following NCLT's approval of Adani Enterprises' Rs 14,535 crore resolution plan. Existing shareholders will receive zero consideration as the liquidation value is insufficient to even fully satisfy secured creditors, wiping out 6.48 lakh shareholders including 6.4 lakh retail investors holding 45% stake. Separately, Adani Power will acquire a 24% stake in Jaiprakash Power Ventures (JPVL) for ~Rs 2,994 crore and the 180 MW Churk thermal plant for Rs 1,200 crore under the same plan.