Price fixing: Tyre companies shares hit

Tyre stocks could come under pressure as Competition Commission of India would rule against the industry over alleged price fixing.

Written by Agencies | Published: June 20, 2012 12:01 pm

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.

Stocks More on Apollo Tyres Ltd

Company INFO More on Ceat Ltd

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