Shares of cement companies including ACC, UltraTech Cement, Ambuja Cements and Shree Cement fell over 2-3 percent after the Competition Commission of India (CCI) initiated a probe against them. The country’s antitrust agency on Wednesday conducted raids at offices of UltraTech Cement and two subsidiaries of the world’s largest cement maker LafargeHolcim, two sources close to the matter told Reuters.
Swiss-based LafargeHolcim in a statement to Reuters confirmed officials visited the Mumbai offices of ACC and Ambuja Cements and said the companies were fully cooperating with the authorities, but could not comment further as the matter is ongoing.
India antitrust body raids cement giants UltraTech, LafargeHolcim units: Sources
Several officers of the Competition Commission of India (CCI) were involved in search operations conducted simultaneously at multiple locations in India, late into the evening, the sources said, asking not to be named because of the confidential nature of the raids.
Searches were also conducted at Indian company Shree Cement Ltd, a third source said. None of the Indian cement companies responded to Reuters' requests for comment.
At 12:45 pm, the shares of ACC were trading 1.82 percent lower at Rs 1,626.10, UltraTech Cement declined 3.01 percent to Rs 4,992.75, Ambuja Cements was down 2.51 percent at Rs 246.55 while Shree Cement plunged 2.58 percent to Rs 23,785.15 on the BSE as against a 0.74 percent loss in the benchmark Sensex.