IPL spot-fixing: India Cements stock crack nearly 5%

Share price of India Cements dropped nearly 5% as the Supreme Court appointed panel began announcing its verdict on the Indian Premier League (IPL) spot-fixing scandal. 

N Srinivasan is the vice chairman and managing director of Indian Cements and is also the current chairman of the International Cricket Council (ICC). He was the president of Board for Cricket Control in India (BCCI) but stepped down after the Supreme Court ordered him to quit to facilitate investigation in the IPL betting scam. 

The Panel has suspended Chennai Super Kings -- IPL team of India Cements -- for two years from the IPL. Apart from this, Gurunath Meiyappan has been found guilty of match fixing charges and has been banned for life. 

The Panel found Raj Kundra -- owner of Rajasthan Royals -- too guilty and banned him from 2 years while the IPL team is suspended for 2 years. 

The share price of India Cements fell nearly 5% on the National Stock Exchange's Nifty as well. The stock was trading at Rs 89.90 per share on the Nifty at 13.27 hours.