India Cements stock falls as SC proposes ban of Chennai Super Kings from IPL

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India Cements stock falls as SC proposes ban of Chennai Super Kings from IPL
India Cements: Quotes, News
BSE 156.30BSE Quote2.25 (1.44%)
NSE 156.35NSE Quote2.15 (1.38%)
Shares in India Cements fell after the Supreme Court proposed a ban on Chennai Super Kings in the IPL. The N Srinivasan controlled India Cements is the owner of the IPL team, Chennai Super Kings.

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.

Read more about: india cements
Story first published: Thursday, March 27, 2014, 13:19 [IST]
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