Cement companies are seeking time from the Competition Commission of India (CCI) to file their reply in alleged cement cartelisation matter, sources informed CNBC-TV18.

Share Market Live

NSE

ACC Limited, UltraTech Cement, Dalmia Cement, Shree Cement, NUVOCO Vistas Corp Ltd, and Ambuja Cements, along with cement companies and manufacturers' association have sought more time from CCI to file their reply on alleged cartelisation.

According to sources, the investigation, which began in 2019 and concluded in July of this year, discovered that the following companies were engaged in anti-competitive agreements.

Also read |

Indian’s biggest cement makers formed a cartel to fix prices via phone calls, emails: Regulator

The investigation uncovered evidence of a cartel operating in the country's eastern and southern regions, with up to 20 cement companies, 60 officials, and manufacturers' associations under the CCI scanner.

It also discovered evidence of price cartelisation. It claims to have found evidence of price fixing through phone conversations, emails, and WhatsApp chats, according to the sources.

CCI has asked the cement companies and manufacturers' association to submit their response in this regard by early August. CCI to now conduct the final hearing by end of September.

Also read: Cement prices declining in most markets due to monsoon: Jefferies

Meanwhile, cement stocks ended mostly in the green on Tuesday. While ACC Limited finished 2.62 percent higher at Rs 2,348.15, Ambuja Cements closed 5.52 percent up at Rs 441. On the other hand, Shree Digvijay Cement ended 0.88 percent up at Rs 68.80.

First Published:Sept 6, 2022 4:56 PM IST