Competition Commission of India (CCI) has levied a combined penalty of over Rs. 1,788 crore on five tyre companies for indulging in alleged cartelization.
The CCI has imposed a fine of Rs. 425 crore on Apollo Tyres, Rs. 622 crore on MRF Ltd., and Rs. 252 crore on CEAT Ltd., while JK Tyre and Birla Tyres have attracted penalties of Rs. 309 crore and 178 crores respectively. The regulator has also imposed a penalty of 0.084 crores on the industry association Automotive Tyre Manufacturers Association (ATMA).
The Commission in its report stated that the tyre manufacturers had exchanged price-sensitive data amongst them through the platform of their association, ATMA, and had taken collective decisions on the pricing of tyres.