The country’s antitrust agency on Wednesday raided offices of tyre companies, including Germany's Continental AG and India's Apollo Tyres, and Ceat, in a case of suspected competition law violations, four sources told Reuters.
Shares of Apollo, one of India’s biggest tyre makers, fell as much as 3 per cent after Reuters first reported the raids, while CEAT dropped 2.2 per cent in the Mumbai market, which was trading higher.
Shares in Continental, which is a relatively small player in India, fell about 3.5 per cent in morning trade in Frankfurt.
Apollo did not immediately respond to a request for comment, while calls and