Stocks

Eveready hits 6-month low on battery pricing penalty

BL Internet Desk | Updated on April 20, 2018 Published on April 20, 2018

April 20 Shares of Eveready plunged as much as 10.6 per cent to Rs 328, their lowest since October 2017. The stock posted biggest intraday percentage loss since early November 2016 and on track to lose for a sixth straight session.

Eveready stock plunged as the Competition Commission of India (CCI) had on Thursday imposed a penalty of Rs 171.55 crore and Rs 42.26 crore on Eveready Industries India Ltd and Indo National Ltd (Nippo), respectively, for indulging in anti-competitive practices in the zinc-carbon dry cell battery market in India.

An official statement said that the penalty on Panasonic has been lowered by 100 per cent, on Eveready by 30 per cent and on Nippo by 20 per cent. The trio had faced penalties of Rs 74.68 crore, Rs 245.07 crore and Nippo Rs 52.82 crore, respectively.

CCI found that the three battery manufacturers, facilitated by AIDCM, had indulged in anticompetitive conduct of price coordination, limiting production/supply as well as market allocation in contravention of the provisions of the Competition Law.

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Eveready stock has fallen nearly 17 per cent this year up to Thursday. The company was not immediately available for comment.

(With inputs from Reuters)

Published on April 20, 2018

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