CCI imposes penalty of Rs. 252.16 crore on CEAT Ltd

The Competition Commission of India (CCI) has released its order dated August 31, 2018 against few tyre companies, including CEAT, based on proceeding carried out upon representations alleging anti-competitive practices by the tyre companies. CCI in the said order has imposed a penalty of Rs. 252.16 crore on CEAT Limited. The order is being studied for appropriate legal recourse.

The company strongly reiterated that there was no wrongdoing on the part of CEAT and reassured all the stakeholders that the company has never indulged in or was of any cartel or undertook any anti-competitive practices.

Shares of CEAT Limited was last trading in BSE at Rs. 1095.95 as compared to the previous close of Rs. 1088.80. The total number of shares traded during the day was 1973 in over 274 trades.

The stock hit an intraday high of Rs. 1098.00 and intraday low of 1090.00. The net turnover during the day was Rs. 2157440.00.

Source : Equity Bulls

Keywords

CEAT INE482A01020 CCI Penalty TyreCompanies AntiCompetitivePractices