Shares of Eveready plunged nearly 11 per cent a day after fair trade regulator CCI imposed a fine of Rs 171.55 crore on the company for cartelisation in pricing of zinc-carbon dry cell batteries.
The stock tumbled 10.32 per cent to end at Rs 328.35 on BSE. Intra-day, it slumped 12.54 per cent to Rs 320.20.
On NSE, shares of the company dived 10.60 per cent to settle at Rs 328.05.
The company’s market valuation also fell by Rs 274.31 crore to Rs 2,386.69 crore.
CCI yesterday imposed a total fine of Rs 215 crore on Eveready, Indo National, industry grouping AIDCM and their officials for cartelisation in pricing of zinc-carbon dry cell batteries.
Invoking leniency provisions, the Competition Commission of India (CCI) reduced the quantum of penalties on Eveready, Indo National as well as their officials. The fine has been completely waived in the case of Panasonic Energy India, which was also involved in anti-competitive practices.
In a regulatory filing, Eveready said it will take “appropriate action after examining the order fully“.
Eveready Industries India has to pay a fine of Rs 171.55 crore while the penalty on its officials is Rs 53.41 lakh.