Shares of eleven cement companies fell by 1.59% to 4.25% on reports that the Competition Commission of India (CCI) has initiated an investigation against cement companies in India.
Ramco Cements (down 4.25%), Dalmia Bharat (down 4.09%), JK Cement (down 3.06%), UltraTech Cement (down 3.06%), Deccan Cements (down 2.87%), Shree Cement (down 2.55%), Heidelbergcement India (down 2.45%), India Cements (down 2.38%), Ambuja Cement (down 2.35%), JK Lakshmi Cement (down 1.59%) and ACC (down 1.58%) declined.The media reported that CCI has also conducted searches at offices of cement companies as CCI suspected them of running a price cartel.
In a regulatory filing, Ambuja Cements and ACC disclosed today that the CCI has initiated an investigation against cement companies in India regarding alleged anti-competitive behaviour.
Both the cement companies clarified that they continue to act in compliance with competition laws and are fully cooperating with the investigation and providing all necessary information to the authorities.
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