Shares of United Phosphorus and Excel Crop Care have plunged more than 6% each on reports that the Competition Commission of India (CCI) has slapped fine of Rs 317.91 crore for cartelisation and price manipulations.
“The commission has decided to imposed penalty at a rate of 9% on average of three years turnover on the three opposite parties under section 27 (b) of the act," the report suggests.
The CCI has fined Rs 252 crore to United Phosphorus and Rs 63.90 to Excel Crop Care, added report.
Excel Crop Care has plunged over 12% at Rs 108, while United Phosphorus dipped 7% at Rs 119 in morning trades on back of huge volumes on the Bombay Stock Exchange.
