India’s antitrust regulator conducted raids at the companies’ offices in and around New Delhi in connection with an alleged case of bid rigging
Shares of Jindal Saw declined 2.5%, while Maharashtra Seamless traded 1.3% lower on Tuesday after the Competition Commission of India (CCI) reportedly carried out surprise raids at their offices.
India’s antitrust watchdog carried out raids at the companies’ offices in and around New Delhi in connection with an alleged bid-rigging case, according to a Reuters report. The inspections, conducted on Monday, have since been completed, but details remain confidential under CCI rules.
CCI Raid Due To Alleged Bid Rigging
The case is related to a 2023 complaint filed by state-run Oil and Natural Gas Corporation (ONGC), which raised concerns over bidding practices in certain tenders involving the two companies.
During such raids, CCI officials typically gather internal documents, electronic records, and statements from company executives to build evidence. Investigations of this nature often stretch over months before any findings or penalties are announced, the report added.
Jindal SAW is involved in the steel and power sectors, while Maharashtra Seamless is among India’s leading steel pipe makers.
Stocks Watch
Jindal Saw is on track to reverse a four-session streak during which it gained nearly 5%.
Retail sentiment for the stock has remained ‘neutral’ on Stocktwits, during which it shed nearly 13%. Jindal Saw shares have declined 28.6% so far this year.
Retail sentiment around Maharashtra Seamless has also remained ‘neutral’ for a long time. It was ‘bearish’ six months ago. During that period, the stock has declined 3.7% and its YTD losses stand at 9.9%.
The stock is on track to post its fourth loss in five sessions.
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