India Cements scrip slips down
Share prices of India Cements Ltd. slipped at the bourses on Tuesday following the Supreme Court-appointed Justice Lodha Committee's verdict to suspend the Chennai Super Kings team from the Indian Premier League (IPL) for two years.
The Rs.10 face value scrip opened at Rs.94.55 at the Bombay Stock Exchange (BSE) and went down to Rs.88.25 during the morning trade. The scrip later recovered and changed hands at Rs.91.50.
On Tuesday, the Lodha Committee suspended Chennai Super Kings for two years and also its former team official Gurunath Meiyappan, who was suspended for life from any cricketing activity.
Meiyappan is the son-in-law of N. Srinivasan, vice-chairman and managing director of India Cements, who is also chairman of the International Cricket Council. The India Cements board has decided to hive off the Chennai Super Kings -- a division -- into a separate company.
The company earlier said the IPL team was instrumental in creating awareness about its cement brand in the market.