Ambuja Cements, ACC shares decline as CCI initiates investigation against cement companies

The stock of Ambuja Cements declined 2.96 per cent to Rs 245.40 during the day and ACC dipped 2.24 per cent to Rs 1,619.05 on the BSE.The Competition Commission of India CCI has initiated an investigation against cement companies in India including ACC regarding alleged anti-competitive behaviour, ACC Ltd said in a regulatory filing.

Shares of Ambuja Cements and ACC on Thursday declined up to 3 per cent after they said fair trade regulator CCI has initiated an investigation against them and other cement companies in the country regarding alleged anti-competitive behaviour. The stock of Ambuja Cements declined 2.96 per cent to Rs 245.40 during the day and ACC dipped 2.24 per cent to Rs 1,619.05 on the BSE.

''The Competition Commission of India (CCI) has initiated an investigation against cement companies in India including ACC regarding alleged anti-competitive behaviour,'' ACC Ltd said in a regulatory filing. ACC said it is of the firm view that it has acted and continues to act in compliance with competition laws and we are fully cooperating with the investigation and providing all necessary information to the authorities.

In a separate filing, Ambuja Cements in a similar worded statement, said CCI has initiated an investigation against cement companies in India including Ambuja Cements regarding alleged anti-competitive behaviour.