Ambuja Cements Penalised By CCI, Stock Down 0.2%

After UltraTech Cements, CCI has also imposed a penalty on Ambuja Cements and 6 other cement companies. The Competition Commission of India (CCI) had imposed penalty of Rs 68.3 crore on UltraTech Cement for the reasons of cartelisation and bid rigging. Now CCI has issued order on Ambuja Cements, imposing a penalty at the rate of 0.3% of the average turnover of last 3 financial years.

The amount of penalty for Ambuja comes in at Rs 29.84 crore. The order was the result of a complaint filed by Haryana State that Ambuja had indulged in anti-competitive practices by adopting collusive pricing and limiting the supply. As a reaction to this, company has decided to file an appeal before the Competition Appellate Tribunal against the order filed by CCI. CCI has imposed penalty on seven major players in the cement sector.

The stock of Ambuja Cements opened on a negative note and remains 0.2% down.

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