Shree Cement slips 4%, CREDAI bans company's products

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26 Aug, 2025 12:21

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Shares of Shree Cement slipped more than 4 percent intraday Tuesday after the Confederation of Real Estate Developers Association of India (CREDAI) NCR banned its products on Monday, alleging that the company indulged in practices of cartelisation and malpractices. Besides Shree Cement, CREDAI has also banned UltraTech Cement and Lafarge on the same grounds.

After banning UltraTech Cement and Lafarge earlier, CREDAI had said: "This decision has been taken by the apex realty body in order to help fair price determination of key raw materials required for the realty sector."

"We have decided to boycott Ultratech and Lafarge as they have not delivered the cement to our members at the decided price, despite taking advances," CREDAI National President Getamber Anand said. He had also warned that if the situation did not change, then they can also go on a national strike.

Cement companies have increased prices by almost 40 percent since August 1 and violated CCI 2012 order. This is despite the fact that demand from real estate companies during the period has been rather subdued.CREDAI has said this will not result in delays of realty projects that are to be ready for possession in the next one year. It also plans to move the Competition Commission of India (CCI) against the Cement Manufacturers Association (CMA) this week. CCI in 2012 had found the CMA guilty of price collution. CREDAI NCR has about 220 members from Delhi, Noida, Yamuna Expressway, Gurgaon, Ghaziabad, Rajnagar Extention, Faridabad Neemrana, Bhiwadi and other adjoining areas.

In further blow to cement companies, CREDAI South India may also ban these companies and move CCI.(With inputs from PTI)