India Cements shares down 3%

Shares of India Cements today fell by 3 per cent after a Supreme Court-appointed Committee found BCCI's chief son-in-law was involved in betting during the IPL matches.
After falling 3.66 per cent to Rs 52.50 in intra-day trade, shares of India Cements finally ended at Rs 52.85, down 3.03 per cent at the BSE.
On the NSE, N Srinivasan-led India Cements' scrip closed 3.02 per cent lower at Rs 52.95.
In a major embarrassment to BCCI President N Srinivasan and raising questions over the status of Chennai Super Kings, his son-in-law Gurunath Meiyappan's role in CSK as the team official and his involvement in betting during the IPL matches stands proved, a Supreme Court-appointed Committee has found.

"The role of Gurunath Meiyappan in Chennai Super Kings (CSK) as the team official stands proved and the allegations of betting and passing of information against Meiyappan stand proved," a report of the three-member committee headed by former Punjab and Haryana Chief Justice Mukul Mudgal said.
"The committee is of the view that the material on record clearly indicates that Meiyappan was the face of CSK and the team official of CSK," the report said, while rejecting Srinivasan's contention that his son-in-law was merely a cricket enthusiast.

Meanwhile, lower income led India Cements' net profit to decline by 98 per cent in the December quarter at Rs 42 lakh.

The company had clocked Rs 26.12 crore net profit during the October-December period of the last fiscal, it said in a BSE filing.
India Cements promoters also own Chennai Super Kings (CSK) team of IPL 20-20 cricket tournament.
Board of Cricket Control of India (BCCI) President N Srinivasan is the Vice Chairman and Managing Director of India Cements.