Steel stocks under pressure on CCI investigation into price collusion

Shares of steel companies declined up to 3 per cent on Tuesday after a news report said a Competition Commission of India (CCI) probe found top steelmakers had breached antitrust laws and colluded to fix steel prices.

 

The share prices of Steel Authority of India (SAIL), JSW Steel and Jindal Stainless declined by 3 per cent, 0.8 per cent and 0.5 per cent, respectively. The stock of Tata Steel ended with a 0.3 per cent gain.

 

The news report further suggested that the CCI probe has also held 56 top executives liable for price collusion over varying periods between 2015 and 2023. 

 

The CCI probe began in 2021 after a group of builders alleged, in a criminal case, that nine companies were collectively restricting steel supply and increasing prices. Steel stocks had rallied last year, and most steel firms’ stocks had outperformed the Nifty. In 2025, Tata Steel’s stock rose by 30.4 per cent, Steel Authority of India’s stock rose by 30 per cent, and JSW Steel’s by 29.3 per cent.

 

“By and large, metals, both precious and base metals, are in a bullish phase. Metal stocks can still rise by 10–15 per cent from current levels. Infrastructure will be a focus in the coming days, and real estate is expected to do well. Moreover, tariffs on steel imports are also likely to benefit local players,” said Kranthi Bathini, equity strategist, WealthMills Securities.