Shares of cement manufacturers fell sharply by up to 8 per cent on Wednesday, amid reports that some companies might be penalised by the Competition Commission of India (CCI) for alleged cartelisation in the market.
India Cements tanked 7.73 per cent to close the day at Rs 96.75, while ACC shed 4.93 per cent to settle at Rs 1,236.65 on the BSE.
Investors booked profits in other cement companies as well, with Ambuja Cements sliding 3.73 per cent, UltraTech Cement was down 0.52 per cent, JK Cement plunged 3.74 per cent, Prism Cement lost 0.20 per cent and Dalmia Bharat Enterprises slipped 4.69 per cent.
According to market experts, the cement stocks tanked on fears that a CCI report was expected soon against some cement companies.
“Cement stocks fell across the board on reports CCI is likely to come out with its report on cement cartelisation,” said Mr Shanu Goel, Research Analyst, Bonanza Portfolio.