Competition Commission of India imposes $13.6 million fine on Hyundai Motor’s local unit
Wed Jun 14 2017
Rajesh Sharma (2002 articles)

Competition Commission of India imposes $13.6 million fine on Hyundai Motor’s local unit

NEW DELHI India’s antitrust watchdog on Wednesday imposed a fine of 870 million rupees ($ 13.6 million) on South Korean automaker Hyundai Motor Co’s local unit, accusing the company of anti-competitive behaviour.

The Competition Commission of India in its order alleged that Hyundai Motor India Limited (HMIL) contravened competitive practices by imposing certain arrangements upon its dealers including monitoring the maximum permissible discount level and mandating the use of recommended lubricants and oils.

The penalty has been levied at 0.3 percent of Hyundai Motor India’s average relevant turnover of the preceding three years, the anti-competition watchdog said.

“For the purposes of determining the relevant turnover for the impugned infringement, revenue from sale of motor vehicles alone have been taken into account,” the watchdog said, adding the final order was passed on the basis of information provided by the dealers.

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.

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