India Cements falls over 5% on CBI reports

NEW DELHI: India Cements Ltd slipped over 5 percent in early trade Friday on reports that the Central Bureau of Investigation has summoned the company's VC and MD, N Srinivasan, for questioning by the Hyderabad wing.

"The CBI has called India Cements Managing Director N Srinivasan for questioning in connection with disproportionate assets cases against YSR Congress chief Jaganmohan Reddy," according to a PTI report.

"They said Srinivasan has been asked to appear next week at the CBI office," added the report.

CBI is probing the alleged investments made by Srinivasan's company India Cements in the companies promoted by the Kadapa MP during the tenure of his father Y S Rajshekhara Reddy as chief minister, the sources said.

At 11:20 a.m., the company's shares were trading 4.2 percent lower at Rs 73.00. It has hit a low of Rs 72.60 and a high of Rs 76.40 so far.

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