India conducts antitrust raids on tyre companies Ceat, Apollo, Continental

Wed Mar 30 2022
Rajesh Sharma (2046 articles)
India conducts antitrust raids on tyre companies Ceat, Apollo, Continental

India’s antitrust body on Wednesday raided the offices of tyre companies including India’s Ceat (CEAT.NS), Apollo Tyres (APLO.NS) and Germany’s Continental AG (CONG.DE) in an alleged case of competition law violations, four sources with direct knowledge told Reuters.

The raids were being conducted by the Competition Commission of India (CCI) officers across multiple cities, the sources said.

Apollo and Continental did not immediately respond to a request for comment, while calls and messages to Ceat spokespersons went unanswered.

One of the sources said the case relates to an antitrust probe into use of unfair trade practices and rigging bids while supplying tyres for public transport vehicles in the northern state of Haryana.

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.