Profit

Competition Commission Of India's Rs 6,320 Crore Penalty Hits Cement Stocks

 Share
EMAIL
PRINT
COMMENTS
Competition Commission Of India's Rs 6,320 Crore Penalty Hits Cement Stocks

Most cement stocks edged lower following competition commission's penalty

Cement stocks fell on Thursday, following the Competition Commission's decision to impose a Rs 6,320 crore penalty on 10 cement companies for price fixing. The anti-trust regulator said that cement companies, including ACC, Ambuja, UltraTech and Jaiprakash Associates, were responsible for "acting in concert in fixing prices of cement".'

Cement companies allegedly shared details relating to prices, capacity utilization, production and dispatch which led to restricted production and supplies in the market hurting consumers and the economy, the order said.

Comments
Among the companies that received maximum fines, Ambuja Cements was fined Rs 1,160 crore, ACC was fined Rs 1,150 crore, UltraTech Cement Rs 1,180 crore and Jaiprakash Associates Rs 1,320 crore.

As of 10.25 a.m., ACC traded 1.5 per cent lower at Rs 1,683.50. The stock was the top Nifty loser. Ambuja Cements shares were down 1.15 per cent at Rs 274.75, while UltraTech recovered from the day's low and traded 0.14 per cent higher.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................