India's Eveready hits near 6-month low after battery pricing penalty

Eveready Industries India

20/04/2018 05:36

** Shares of battery maker Eveready Industries India Ltd
 ERDY.NS  plunge as much as 10.6 pct to 328 rupees - their
lowest since October 2017
    ** Post biggest intraday pct loss since early November 2016
and on track to lose for a sixth straight session
    ** Competition Commission of India (CCI) on Thursday passed
its final order http://pib.nic.in/PressReleaseIframePage.aspx?PRID=1529673#.WtiWw32b2TA.twitter
 imposing penalty on  Zinc-Carbon dry cell battery makers that
included Eveready for "colluding to fix prices" of zinc-carbon
dry cell battery in India  
    ** CCI imposed a fine of 1.72 billion rupees ($26.05
million) on Eveready  urn:newsml:reuters.com:*:nFWN1RW0Q7
    ** Stock has fallen nearly 17 pct this year up to Thursday
    ** Eveready was not immediately available for comment
 ($1 = 66.0350 Indian rupees)

 ((Reuters Messaging:
vishal.sridhar.thomsonreuters.com@reuters.net))