Shares of India Cements plunged 6% on Tuesday, after its franchisee Chennai Super Kings was suspended from Indian Premier League (IPL) for a period of two years by a Supreme Court panel probing the IPL spot fixing scandal.
Reversing its positive opening, the stock fell sharply by 6.31% to Rs 88.25 on BSE.
At NSE, India Cements' scrip tumbled 6.47% to Rs 88.15.
Chennai Super Kings, the most consistent team in the league, and Rajasthan Royals were on Tuesday 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 RM 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 disrepute to the game of cricket, BCCI and IPL.
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.