Continental
Continental shares lost more than four percent, making it one of the biggest Dax losers.
(Photo: dpa)
According to insiders, several tire companies in India have been searched on suspicion of possible violations of competition law. Among them is the sales office of the German company Continental in the city of Faridabad, as the Dax group confirmed on Wednesday.
The company is fully cooperating with the authorities, said a spokesman. Because of the ongoing investigation, no details were released. Continental shares lost more than four percent, making it one of the biggest Dax losers.
According to the insiders, other companies that were visited by officials from the Indian antitrust authority are Ceat and Apollo Tires. Both are among the largest tire manufacturers in the country. Apollo is also internationally known.
According to the information, the raids took place in several cities. It is about the suspicion of unfair business practices. One of the insiders said the competition authorities are investigating allegations of bid rigging in the supply of tires for public transportation vehicles in the northern state of Haryana. Reuters reported in 2020 that the antitrust agency had launched an investigation following a complaint from the state government.
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