Tyre stocks like Apollo Tyres and CEAT could come under pressure on worries the Competition Commission of India would rule against the industry over alleged price fixing,traders say.
Worries sparked after local media reports say CCI may rule against the cement industry over similar allegations of price fixing.
The final decision on alleged cartelisation in the tyre industry could come by next week,CCI Chairman Ashok Chawla told local TV channels on June 5.
Chawla was not immediately reachable.
Traders say any fines in the tyre industry likely to be smaller than any penalties imposed in the cement sector.
Shares in Apollo Tyres up 0.26 percent after falling as much as 2.9 percent intraday,while CEAT falls 1 percent.
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