Cement maker shares such as Ambuja Cements and ACC dropped on Wednesday on worries the Competition Commission of India would soon impose fines over alleged price collusion in the industry.

The CCI plans to announce fines on 11 cement companies, according to various local media reports on Wednesday.

CCI Chairman Ashok Chawla could not be immediately reached. He had told Reuters on Tuesday a ruling in the case would be out this week and would be posted on its web site.

Ambuja Cements shares fell 3.8 percent, while ACC shares fell 2.3 percent.