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India Cements stock falls as SC proposes ban of Chennai Super Kings from IPL
The stock was last trading at Rs 52.60, down almost 2 per cent in trade on the National Stock Exchange.
It may be recalled that the Supreme Court-appointed panel recently indicted Gurunath Meiyappan, the son-in-law of N Srinivasan, for illegal betting and passing on information about team strategies to bookies during the tournament last year.
According to an IANS report retired judge Mukul Mudgal, probing the IPL spot-fixing scandal, in his report submitted to the Supreme Court said that India Cements, which owned Chennai Super Kings, failed to comply with the BCCI's Anti-Corruption Code for Participants.
India Cements had acquired the Chennai franchisee of the IPL, Chennai Super Kings in 2008.
As per shareholding data available on the company's website, the promoter group, that is N Srnivasan and his family currently hold more than 29% stake in India Cements.
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