Grasim Industries in a regulatory filing announced that the Competition Commission of India has passed an order under section 4 of the Competition Act 2002 imposing a penalty of Rs 301.61 crore on the company.
The penalty imposed is in respect of its domestic Man-Made Fibre turnover. The company further said that it is yet to receive the order of CCI and assured it has sufficient grounds for an appeal.
Shares of Grasim Industries were trading 2.94% lower at Rs 559.60. The stock has declined 24.1% in last one month in line with 24.6% fall in Nifty 50 index.
Grasim Industries is a leading manufacturer in cement, viscose staple fibre and chemicals.