New Delhi: Cement stocks on Wednesday fell by up to 3 percent after the National Company Law Appellate Tribunal dismissed 11 cement-makers' plea, challenging the CCI order to impose a penalty of Rs 6,700 crore for alleged cartelisation.
Shares of India Cements fell by 3.29 percent, UltraTech Cement dropped 2.39 percent, Ambuja Cements 1.50 percent, Grasim Industries 1.31 percent, JK Lakshmi Cement 1.26 percent and ACC 0.28 percent on BSE.
The appeals are dismissed, said the NCLAT, which now is an appellate authority over the Competition Commission of India (CCI).
In August 2016, CCI had slapped approximately Rs 6,700 crore penalty on 11 cement firms including UltraTech, ACC, Ambuja, Ramco and JK Cement as well as the industry body Cement Manufacturers Association (CMA) for indulging in cartelisation.
This was challenged by the cement makers before the Competition Appellate Tribunal, which had on 22 November stayed CCIs direction to pay 10 percent of the penalty within a month of the order.
Updated Date: Jul 25, 2018 20:08 PM