Gujarat Ambuja Cement Ltd (GACL) took a drubbing on the bourses today following a depressed outlook for the cement sector. On the Bombay Stock Exchange (BSE), the scrip ended 4.59 per cent (Rs 9.20) lower at Rs 191.30, while the high for the day was Rs 200.75. Nearly 1.5 lakh shares changed hands.
On the National Stock Exchange, the scrip ended 4.25 per cent (Rs 8.50) lower at Rs 191.45 with volumes of 1.9 lakh shares. Since February 28, 2002, the scrip price has eroded by around 25 per cent on the BSE.
In line with the negative outlook for the cement sector, analysts feel that GACL, which posted a 9 per cent rise in sales last fiscal, will be unable to clock the same growth this year owing to sluggish demand and price war. The violence in Gujarat, which is the company