India Cements down by 4%

Shares of India Cements, which owns IPL team Chennai Super Kings (CSK), fell by over 4 per cent on the Bombay Stock Exchange (BSE) on Wednesday, despite the markets snapping a two-day losing streak, a clear indication that the company's woes are far from over, at least from investors' perspective.

The share fell from its previous close of Rs 68.15 on Tuesday, to Rs 65.40 on Wednesday, a decline of 4.04 per cent. Ever since the story of spot fixing controversy broke out on May 16, the stock has declined 36 per cent, from Rs 89 to Rs 65.40.

The Chennai-based company belongs to N Srinivasan, who is its Vice-Chairman and Managing Director, who is in the eye of a brewing storm in Indian cricket, because of his association as the president of the game’s controlling body, the Board of Control for Cricket in India (BCCI) and ownership of CSK.

The captain of CSK, M S Dhoni is also employed by India Cements.

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