Confused while buying stocks? Get buy, sell or hold recommendations from VantageTrade. Full Coverage
United Phosphorus, Excel Crop drop on CCI penalty
Reuters Market Eye - Shares in agrichemical makers United Phosphorous (UNPO.NS) and Excel Crop Care (EXCR.NS) fall about 5-6 percent each after the Competition Commission of India found them guilty of collusion.
* CCI imposed a penalty of 9 percent of the average of their standalone turnover over the past three years.
* Nomura says based on CCI's formula, United Phosphorous has been imposed a penalty of 2.52 billion rupees, which would shave nearly 30 percent of its projected FY13 consolidated profit.
* United Phosphorus, Excel Crop, along with two more manufacturers, have been accused of colluding while submitting bids for a tender for aluminium phosphide tablets from Food Corporation of India..
(Reporting by Abhishek Vishnoi; Editing by Rafael Nam)
- Tweet this
- Share this
- Digg this