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Ultratech Cement, ACC, Ambuja Cements fall after SC stays CCI penalty

The NSE Nifty50 index was trading 138 points down at 10,461 around 11:30 am.

ETMarkets.com|
Updated: Oct 05, 2018, 12.22 PM IST
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ACC, Ultratech Cement, Ambuja Cements fall after SC stays CCI penalty
ACC, Ultratech Cement, Ambuja Cements fall after SC stays CCI penalty
NEW DELHI: Shares of select cement firms, including Ultratech Cement, ACC and Ambuja Cements, came under pressure in Friday's session after the Supreme Court stayed the Rs 6,300 crore penalty imposed by the fair trade regulator CCI for alleged cartelisation.

As per PTI, 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.

Shares of Ultratech Cement (down 2.55 per cent), ACC (down 2.40 per cent), Birla Corporation (down 1.92 per cent), Ramco Cements (down 1.58 per cent) and JK Cement (down 0.09 per cent) fell in that order.

Equity market benchmarks Sensex and Nifty extended their losing streak to the third consecutive session on Friday amid concerns over rupee's continuous fall against the US dollar and surging global crude oil prices.

The NSE Nifty50 index was trading 138 points down at 10,461 around 11:30 am. The 30-share BSE Sensex was down 352 points at 34,817 at the same time.

In the Sensex index, 11 stocks were advancing and 20 were declining.

IndusInd Bank, Infosys, Kotak Mahindra Bank, Sun Pharma and PowerGrid were among the gainers in the Sensex index.

ONGC, Vedanta, Reliance Industries, Mahindra & Mahindra and Coal India were among the top losers in the Sensex kitty of stocks.
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