April 24, 2012 / 5:18 AM / 5 years ago

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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