New Delhi, Dec 10 (PTI) Shares of cement companies including Ambuja Cements and ACC on Thursday declined after Competition Commission of India conducted raids at the offices of some cement companies.

The stock of Ambuja Cements closed at Rs 248.35, 1.80 per cent down after declining 2.96 per cent to Rs 245.40 during the day on the BSE.

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ACC dipped 1.46 per cent to close at Rs 1,631.95 after it declined 2.24 per cent to Rs 1,619.05 during the day.

Among others, UltraTech Cement shares tanked 3.27 per cent to Rs 4,979.45 and those of Shree Cement 2.73 per cent to Rs 23,750.

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Fair trade regulator Competition Commission of India (CCI) on Wednesday conducted raids at the offices of some cement companies, including LafargeHolcim. LafargeHolcim, which is the parent firm of two leading cement manufacturers ACC and Ambuja Cements, has confirmed the development.

"LafargeHolcim confirms that ACC's and Ambuja Cement's offices in Mumbai were visited by the officials from the Indian Competition Authority yesterday i.e. 9th December," said a LafargeHolcim spokesperson.

"LafargeHolcim/ACC and Ambuja Cement are fully cooperating with the authorities, but cannot comment further as the matter is ongoing," he added.

According to the media reports, the fair trade regulator has also searched the offices of the leading cement maker and Aditya Birla group firm UltraTech Cement and Shree Cement.

Comments from the Aditya Birla group and Shree Cement could not be ascertained by the time of filing the story as the email sent remained unanswered.

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

"The Competition Commission of India (CCI) has initiated an investigation against cement companies in India including Ambuja Cements Limited regarding alleged anti-competitive behaviour," said Ambuja Cements.

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

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)