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CCI raids on tyre companies Ceat, Apollo, Continental: Sources

 MarshallSharp
  40
 May 31, 2024

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Four sources told Reuters that India’s antitrust agency on Wednesday raided the offices of tire companies such as Continental AG involving Continental AG, Apollo Tires India and CEAT for alleged violations of competition law.

Shares of Apollo, one of India’s largest tire makers, fell 3% after Reuters first reported the matter. CEATT traded higher in the Mumbai market, down 2.2%.

Shares of Continental, a relatively small Indian company, were down about 3.5 percent in early trading in Frankfurt.

Continental has a relatively small stake in India. Apollo did not immediately respond to a request for comment, giving CEATT No one was available to take calls and messages from a spokesperson.

Following the Reuters report, Continental confirmed in a statement that officials from the Competition Commission of India’s National Security Council visited the company’s offices near New Delhi.

“Continental is cooperating fully with the authorities.”

CCI officials conducted raids in several areas. The source said.

The CCI did not immediately respond to a request for an assessment. The agency has not publicly disclosed the raids.

One of the sources said the case is related to an antitrust probe into unfair trade practices and bid rigging in the supply of tires for public transport vehicles in north Haryana.

Reuters reported in 2020 that the CCI was conducting a wide-ranging investigation into several tire companies after receiving a complaint from the Haryana government. At the time, the CCI “appeared to have some degree of agreement or understanding among the tire manufacturers.”

If collusive bidding is found, a fine of up to three times the company’s annual pricing profit or 10 percent of its annual sales, whichever is higher, can be imposed.

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