As N Srinivasan faces flak from Supreme Court, India Cements shares spike nearly 10%

Written by PTI | Mumbai | Updated: Mar 28 2014, 22:36pm hrs
N SrinivasanShares in N. Srinivasan-led India Cements surge after the SC did not bar company-owned Chennai Super Kings from participating in IPL 7.
Shares of N. Srinivasan-led

India Cements Ltd today surged nearly 10 per cent after the Supreme Court did not bar Chennai Super Kings (CSK) from participating in IPL 7 tournament.

The company's promoters own CSK team of IPL Twenty20 cricket tournament.

India Cements' scrip soared 9.18 per cent to settle at Rs 60.05 on the BSE. During the day, the stock gained 11.27 per cent to Rs 61.20.

At the NSE, shares of India Cements zoomed 9.72 per cent to close the day at Rs 60.40.

N Srinivasan

N. Srinivasan has been replaced by Sunil Gavaskar as the interim president of the BCCI. (AP)

On the volume front, 13.44 lakh shares of the company changed hands on the BSE, while over one crore shares were traded at the NSE during the day.

The Supreme Court today handed over the reins of BCCI to former player Sunil Gavaskar during IPL 7 and did not bar N. Srinivasan-promoted Chennai Superkings (CSK) and Rajasthan Royals (RR) from participating in the tournament.

A bench of Justices A K Patnaik and F M Ibrahim Kalifulla, which had yesterday proposed barring CSK and Rajasthan Royals (RR) in the tournament, however, refused to pass order in this regard allowing them to play the matches along with six other teams in the tournament beginning April 16 in Dubai.

The order was given during hearing on the Mudgal Committee report that went into betting and spot-fixing allegations against those involved in CSK and RR during IPL 6.

The bench made it clear that no employee of India Cements, except players and commentators, will be allowed to get involved in any duties or activities of BCCI.