India Cements stock closes 3.66% lower on IPL verdict

Share price of India Cements tanked over 5 per cent in the afternoon trade on Tuesday after the news that Chennai Super Kings (CSK) and Rajasthan Royals were suspended from the cash-rich Indian Premiere League (IPL) for two years for betting activities of their key officials Gurunath Meiyappan and Raj Kundra during the 2013 season. India Cements is a promoter of CSK.

At 2.24 pm, the share price of India Cements was trading at Rs 90.75, 3.66 per cent lower than its previous close. It opened at Rs 94.55, and touched a low of Rs 88.25 in trade so far. The stock closed 3.66 per cent lower on the BSE.

The punishment was handed down by the Supreme Court-appointed three-member committee headed by former CJI R M Lodha which held that the betting activities of the two officials, Meiyappan, considered the face of CSK owners, and Kundra, co-owner of Rajasthan Royals, have brought the game of cricket, BCCI and IPL into disrepute.

The Committee also imposed sanctions including life suspensions for Meiyappan and Kundra from being involved in any cricket matches conducted by BCCI.

The Committee was constituted by the Supreme Court in January this year to announce the quantum of punishment against Meiyappan, Kundra and the two franchisees - India Cements, owner of CSK and Jaipur IPL, owner of Rajasthan Royals.

Meanwhile, the Bombay Stock Exchange (BSE) Sensex closed 28.29 points lower at 27,932 points.

(With inputs from PTI)