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Bajaj Hindusthan Sugar on Wednesday said the Competition Commission of India has imposed a penalty of ₹12.35 crore for alleged contravention of provisions of the Competition Act. The order relates to a joint tender floated by oil marketing companies for supply of ethanol. “Based on the company’s own assessment and advice given by its legal counsels, the company believes that it has a good case for succeeding in appeal and will accordingly file its appeal against the Order before the appropriate authority,” Bjaja Hindusthan said in a statement. The stock gained 3.1 per cent at ₹11.70 on the NSE.
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