Mumbai: Shares of India Cements saw huge selling pressure Tuesday, falling 6.5 percent, after its franchisee Chennai Super Kings was suspended from IPL for a period of two years.
Reversing its positive opening, the stock fell sharply by 6.31 percent to Rs 88.25 on BSE.
At NSE, India Cements' scrip tumbled 6.47 percent to Rs 88.15.
Chennai Super Kings, the most consistent team in IPL, and Rajasthan Royals were today suspended from the cash-rich cricket league for two years for betting activities of their key officials Gurunath Meiyappan and Raj Kundra during the 2013 season.
The punishment was handed down by a Supreme Court- appointed three-member committee headed by former CJI R M Lodha which held that 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 was constituted by the Supreme Court in January this year with its terms of reference being to announce the quantum of punishment against Meiyappan, Kundra and the two franchisees -- India Cements Ltd, owner of CSK and Jaipur IPL, owner of Rajasthan Royals.
Under the rules of IPL, the franchise of a team can be cancelled if a team official indulges in any act that brings the game to disrepute.
