Stocks of cement companies slipped up to 4 percent on Wednesday after the National Company Law Appellate Tribunal (NCLAT) upheld the Competition Commission of India's penalty of Rs 6,300 crore on 11 cement companies.
NCLAT said that it found no merit in the pleas of the cement companies, which include ACC, Ambuja Cements, Ultratech Cements, Grasim Cements, JK Cements, India Cements, Madras Cements, Century Cements, Binani Cements, Lafarge India and Jaypee Cements.
Following the ruling, shares of UltraTech Cement dropped nearly 3 percent to trade at Rs 4015.15 on the BSE, while India Cement’s stocks lost over 3 percent in value to trade at Rs 113.40.
Ambuja Cements’s share value eroded by 0.80 percent with the stock trading at Rs 211 ahead of its June quarter results.
ACC traded at Rs 1,463.00, declining by 0.70 percent or losing Rs 10.25 in value. JK Cement lost 0.35 percent in value to trade at Rs 776, while Grasim shares were down by 2.36 percent.
The cement companies will be challenging the decision in the Supreme Court.
First Published: IST