Cement stocks lost ground on Wednesday, falling up to 4 per cent amid reports that the Competition Commission of India (CCI) may soon impose penalty on them over
alleged price cartelisation.
Shares of
ACC fell 3.82 per cent to Rs 1,180.80, while
Ambuja Cements lost 3 per cent to Rs 165.55 and
UltraTech Cement plunged 3.31 per cent to Rs 1,396.70 on the Bombay Stock Exchange.
Among others, India Cements was trading lower by 0.99 per cent, Madras Cements was down 2.42 per cent.
According to news reports, the competition watchdog CCI is believed to have slapped penalty of about Rs 3,000 crore on 11 big cement manufacturers, found guilty of being involved in price cartel.
CCI was probing the cartelisation charges based on complaints from realtors' body, Builders Association of India (BAI), which alleged that the retail prices fixed by cement manufacturers were almost same.
With PTI inputsDisclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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