CCI levies Rs 752-cr penalty on United Breweries; stock declines 4%

CCI found that the company was engaged in price co-ordination in contravention of the provisions of Sections 3(3) (a) & (b) of the Competition Act, 2002 in certain states & indulging in cartelization

Shares of United Breweries (UBL) dipped 4 per cent to Rs 1,536.75 on the BSE in Monday’s intra-day trade after Competition Commission of India (CCI) imposed penalties of Rs 752 crore on the company for cartelisation in the sale and supply of beer.

"This is to inform you that the CCI has now passed an Order under section 3 read with section 27 of the Competition Act, 2002, inter alia against United Breweries Limited imposing a penalty of Rs 751.83 crore besides imposing penalty on certain individuals and a ceaseand-desist order,” UBL said in exchange filing on Friday, September