The Competition Appellate Tribunal (COMPAT) today granted a stay on the penalty of Rs 1,163 crore levied on Ambuja Cements Ltd by the Competition Commission of India.

However, Ambuja Cements has been asked to deposit Rs 116.30 crore, amounting to 10 per cent of the penalty, within four weeks.

In a communication to the stock exchanges, Ambuja Cements said the CCI had imposed the penalty of Rs 1,163 crore on it following competititon law proceedings that began in 2010 to investigate several prominent cement producers including Ambuja Cements. Ambuja Cements had filed an appeal in the COMPAT seeking stay on the penalty.

The company said COMPAT in an order issued today stayed the penalty levied against the company by CCI with a condition that it deposited 10 per cent of the penalty amounting to Rs 116.30 crore within four weeks from today.

Ambuja Cements shares were trading at Rs 190.65 (face value Rs 2), a gain of Rs 4.05, on the NSE at 1.40 p.m.