Steel companies under CCI radar for alleged cartelistaion; know how stocks were trading?

Steel companies are under the radar of the India competition watchdog. The Competition Commission of India (CCI) has begun investigation against steel companies for alleged anticompetitive practices. The commission has started its investigation after a Madras High Court order. Zee Business' Tarun Sharma reports.

Coimbatore Corporation Contractors Welfare Association filed a petition before the Madras HC seeking a CBI (Central Bureau of Investigation) probe against the steel companies.

CBI in its response to the court had said that it has sent a complaint to the CCI to initite investigation against the steel companies.   

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Zee Business has the copy of the letter sent by the CBI to the HC. 

The association, in its complaint has alleged that the steel companies indulged in cartelisation to increase the steel prices. 

The hike in prices resulted in loss of 500 contractors to the association. 

The steel companies raised prices despite the input cost not going up.

The news does not augur well for the steel companies. 

How Steel stocks were trading?

-- Tata Steel stocks were trading at Rs 106.50 on the NSE around 1:35 pm on Friday and were up by 0.5 per cent from the Thursday closing price.

-- SAIL stocks were trading at Rs 81.70 on the NSE around 1:35 pm on Friday and were up by 0.12 per cent from the Thursday closing price.

-- JSW Steel stocks were trading at Rs 689.50 on the NSE around 1:35 pm on Friday and were up by 0.61 per cent from the Thursday closing price.

-- Jindal Stainless stocks were trading at Rs 133.30 on the NSE around 1:35 pm on Friday and were down by 0.30 per cent from the Thursday closing price.

-- Jindal Steel stocks were trading at Rs 429.65 on the NSE around 1:35 pm on Friday and were up by 0.03 per cent from the Thursday closing price.

-- Kalyani Steels stocks were trading at Rs 335.90 on the NSE around 1:35 pm on Friday and were down by 0.37 per cent from the Thursday closing price.

-- Tata Steel Long Products stocks were trading at Rs 616.70 on the NSE around 1:35 pm on Friday and were down by 0.56 per cent from the Thursday closing price.