CEAT seeks legal recourse against CCI's penalty of Rs252.61cr for alleged anti-competitive practices

3 Feb 2022 , 02:20 PM

Tyre giant, CEAT is studying the CCI order where a penalty of Rs252.16cr has been imposed on the company for alleged anti-competitive practices. CEAT plans an appropriate legal recourse against the order.

CCI has imposed a penalty on five major tyre manufacturers including CEAT, alleged for indulging in cartelisation by acting in concert to increase the prices of cross-ply/bias tyres variants sold by each of them in the replacement market and to limit and control production and supply in the said market.

In its regulatory filing, CEAT said, “The order is being studied for appropriate legal recourse.”

“We strongly reiterate that there has been no wrongdoing on the part of CEAT and want to reassure all the stakeholders that CEAT has never indulged in or as part of any cartel or undertook any anti-competitive practices.”

CCI has imposed a penalty of Rs252.16cr on CEAT.

At around 2.19 pm, CEAT was trading at Rs1095.25  per piece flat compared to the previous closing on BSE.

The stock has touched an intraday high and low of Rs1100.50 per piece and Rs1035 per piece respectively.