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Jun 22, 2012, 11.24 AM IST
Shares in cement manufacturers fell in early trade on Friday after they were fined a combined $1.1 billion for price fixing, even as many of them vowed to appeal the ruling by the nation's increasingly assertive anti-trust regulator.
Shares in cement manufacturers fell in early trade on Friday after they were fined a combined $1.1 billion for price fixing, even as many of them vowed to appeal the ruling by the nation's increasingly assertive anti-trust regulator.
Eleven of the country's biggest cement companies were handed the record fine by the Competition Commission of India, which found them guilty of colluding to push up prices by underusing their plants and creating artificial shortages. The bigger-than-expected penalty, seen as a flexing of muscles by the regulator, is likely to be dragged into a legal quagmire as the cement manufacturers prepare to enter an appeals process.
India's three biggest manufacturers Ultratech |
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