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)
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