United Phosphorus, Excel Crop drop on CCI penalty

Tue Apr 24, 2012 10:45am IST

Related Topics

Stocks

   

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Earnings Season

Earnings Season

Reliance Q4 sales rise, refining margin narrows.  Read 

Innovative Solution

Innovative Solution

Turning smog into jewels - a Dutch designer's solution to Beijing's pollution.  Video 

Insider Trading

Insider Trading

Rajaratnam's brother loses bid to dismiss insider trading charges.  Full Article 

Literary Giant Dies

Literary Giant Dies

Mourning and memories in Gabriel Garcia Marquez's languid hometown.  Full Article 

S&P on India

S&P on India

S&P: India's ratings to depend on next govt econ, fiscal policies.  Full Article 

Ambitious Aim

Ambitious Aim

In green car race, Toyota adds muscle with fuel-cell launch.  Full Article 

Bond Market

Bond Market

A star abroad, RBI boss riles bond traders at home  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage