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CCI Imposes Penalty On 5 Tyre Companies; Tyre Stocks To Open Lower
Tyre stocks will open lower in trade after companies from the space have been imposed penalty for caretelisation by CCI. The penalty on 5 manufacturers equates to Rs. 1788 crore The 5 companies on which the penalty has been imposed are Apollo Tyres Ltd, MRF Ltd, CEAT Ltd, JK Tyre & Industries Ltd and Birla Tyres Ltd.
The CCI has also imposed a penalty on the Automotive Tyre Manufacturers Association (ATMA) for engaging in cartelisation for hiking the prices of cross-ply/bias tyres variants sold by each of them in the replacement market and to limit and control production and supply in the said market.
"The Commission noted that the tyre manufactures had exchanged price-sensitive data amongst them through the platform of their association ATMA and had taken collective decisions on the prices of tyres," said the regulator in its release on Wednesday.
Meanwhile, SGX Nifty indicates a weak opening for the Indian indices.
