India Cements shares plunge 6% as SC panel suspends CSK from IPL for 2 years

Shares of India Cements plunged 6 percent after the Supreme Court panel probing the IPL spot fixing scandal suspended the company from the league for two years. So effectively India Cements Ltd, which is the promoter of the Chennai Super Kings, cannot be associated with the IPL for the next 2 years.

India Cements had an obligation to address the actions of an errring official but no action was taken by India Cements against Meiyappan, said justice Lodha.

Nearly 4.6 lakh shares changed hands on BSE as against two-week average volume of 2.95 lakh shares traded.

At 1.30 pm, shares of India Cements were down 4.7 percent at Rs 89.80 on BSE after touching a low of Rs 88.25.

India Cements -owned Chennai Super Kings and Kundra owned Rajasthan Royals have been suspended for 2 years from participating in the 20-20 cricket tournament.

The SC panel today held Gurunath Meiyappan guilty in the IPL spot fixing case and he was suspended for life. He is the son-in-law of N Srinivasan, the current chairman of International Cricket Council (ICC) and former president of the BCCI. The panel also said Raj Kundra’s actions caused serious disrepute to BCCI and IPL and also the game of cricket.

Kundra, part owners of Rajasthan Royals, was found guilty of misconduct. He was further declared ineligible for participation in cricket for five years. Kundra too was suspended for life.

Controversy swirled around the 2013 editions of the league with former India paceman S. Sreesanth and two other Rajasthan cricketers being arrested on suspicion of taking money to concede a fixed number of runs.

Sreesanth, who denied any wrongdoing, was subsequently banned for life by the Board Of Control For Cricket In India.