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India's Shree Cement hit by fine from anti-trust body

Jul, 31 2012

India's Shree Cement hit by fine from anti-trust body.

(India)  --  Shree Cement Ltd falls 0.7 percent after the company was fined $72 million by the Competition Commission of India after the market close on Monday.

The announcement made Shree the twelfth Indian cement company to be fined as part of a crackdown on cartelisation in the industry.
 
Shree shares had earlier fallen as much as 9.4 percent in a knee-jerk reaction and as traders say stop-losses were triggered.

"This is a wholly complicated case, in our view, which might also take a significantly long time at the appeals level to be resolved.

We do not expect a significant negative reaction from Shree Cement's stock on this news," says Nomura in a note.

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