Cement stocks plunge amid penalty worries

MUMBAI, June 20: Cement stocks lost ground today, falling by up to 4 per cent amid reports that competition watchdog 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 BSE.

Among others, India Cements was trading lower by 0.99 per cent, Madras Cements was down 2.42 per cent.

According to news reports, 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. (PTI)


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