MarshallSharp - China Automobile Expert-CNAUTO

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.” ...

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