New Delhi: Cement stocks today fell up to 5 per cent after Competition Commission imposed more than Rs 6,700 crore penalty on 11 companies, including ACC and Binani, for cartelisation.
Apart from penalising the Cement Manufacturers Association (CMA), the fair trade regulator has directed all the entities to "cease and desist" from indulging in any activity relating to agreement, understanding or arrangement on prices, production and supply of cement in the market.
In a release, Competition Commission of India (CCI) said Rs 6,715-crore penalty has been imposed on 11 cement companies and the CMA.
A fine of Rs 1,147.59 crore has been imposed on ACC, while penalties on Jaiprakash Associates Ltd and Ultratech are Rs 1,323.60 crore and Rs 1,175.49 crore, respectively. Besides,the regulator also slapped fine on Century (Rs 274.02 crore), India Cements (Rs 187.48 crore), J K Cements (Rs 128.54 crore), Lafarge (Rs 490.01 crore), Ramco (Rs 258.63 crore), ACL (Rs 1,163.91 crore) and Binani (Rs 167.32 crore), according to the release.