Shares in India Cements fell by almost five per cent to INR208 (US$2.51) on 23 December 2022 after officials from the Competition Commission of India (CCI) visited the company's office in Chennai to conduct a search. According to India Cements, “Certain officials of Competition Commission of India visited our office in Chennai at around 11:30am and are conducting a search to find out if any irregularities concerning Competition Commission have occurred.”
“We clarify that we have not indulged in any irregularities concerning Competition Commission,” added India Cements. “In the past, whatever information regarding Competition Commission and other developments, the company has announced to the exchanges promptly. Since we have not committed any breach of CCI Regulations, we do not apprehend any material impact on the company.”
