CCI imposes penalty of Rs. 425.53 crores on Apollo Tyres Ltd

CCI has issued an order on February 2, 2022 mentioning that it has held five tyre manufacturers and ATMA guilty of contravention of the provisions of Section 3 of the Competition Act, 2002 and imposed a penalty of Rs. 425.53 Crores on Apollo Tyres Ltd.

The Company does not agree with the findings of the Commission and will take necessary steps under the law to appeal against the order after a more detailed examination of the full order.

The compan has reiterated to all stakeholders that it follows the highest level of governance practices and operates within the letter and spirit of the law.

Shares of Apollo Tyres Limited was last trading in BSE at Rs. 225.50 as compared to the previous close of Rs. 219.15. The total number of shares traded during the day was 309571 in over 6014 trades.

The stock hit an intraday high of Rs. 226.75 and intraday low of 220.55. The net turnover during the day was Rs. 69283888.00.

Source : Equity Bulls

Keywords

ApolloTyres INE438A01022 CCI Penalty