Sensex Ends 144 Points Lower; FMCG Stocks Outperform

Asked if any large shareholders have exited the company, Shroff said "I have not checked of late. UPL is a widely traded company. I believe there is a decent amount of buying."

UPL share price ended the day down by 11.3%.

Apart from UPL, market participants were also tracking cement stocks today.

Shares of cement companies were under pressure today, falling by up to 5% after the Competition Commission of India (CCI) raided cement companies on price cartelization allegations.

Shares of UltraTech Cement, Ambuja Cements, ACC, Ramco Cement, Star Cement, Orient Cement, Dalmia Bharat, JK Cement, and Birla Corporation fell in the range of 3-5% on the back of the above news.

Ambuja Cements and ACC in a regulatory filing said, the CCI has initiated an investigation against cement companies in India including Ambuja Cements and ACC regarding alleged anti-competitive behavior.

ACC said it is of the firm view that it has acted and continues to act in compliance with competition laws and is fully cooperating with the investigation and providing all necessary information to the authorities.

We will keep you updated on the latest developments in this space. Stay tuned.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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