Business Standard

CCI conducts raids on offices of Apollo Tyres, Ceat, Continental

One of the sources said the case was related to an antitrust investigation into the use of unfair trade practices and rigging of bids while supplying tyres for public transport vehicles in Haryana

Tyres
Premium

The raids were being conducted by CCI officers across multiple cities, the sources said.

Aditya Kalra & Aditi Shah | Reuters New Delhi
The country’s antitrust agency on Wednesday raided offices of tyre companies, including Germany's Continental AG and India's Apollo Tyres, and Ceat, in a case of suspected competition law violations, four sources told Reuters.

Shares of Apollo, one of India’s biggest tyre makers, fell as much as 3 per cent after Reuters first reported the raids, while CEAT dropped 2.2 per cent in the Mumbai market, which was trading higher.

Shares in Continental, which is a relatively small player in India, fell about 3.5 per cent in morning trade in Frankfurt.

Apollo did not immediately respond to a request for comment, while calls and

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Mar 31 2022 | 12:45 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com