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The Rs 2,545-crore penalty slapped on automotive companies by the Competition Commission of India (CCI) for alleged indulgence in unfair practices has had lukewarm effect on the stock of three of the 14 companies.
Tata Motors' stock on the Bombay Stock Exchange which opened 1.64% down at Rs 499.95 was trading 0.41% higher at Rs 506.20 as compared to its yesterday's close.
Tata Motors has been penalised the most by CCI at Rs 1,346 crore. The Mumbai-based company which also owns luxury brands Jaguar Land Rover, stated that it will go through the complete details of the order to offer any comment.
The stock of car market leader Maruti Suzuki which opened 0.65% down at Rs 2,784 on the BSE, moved to a intra-day high of Rs 2,799 before falling 1.37% to 2,764 at the time of writing this report.
A penalty of Rs 471 crore is imposed on the Delhi-based company. The amount is the second highest in the list and follows that of Tata Motors.
Tractor and utility vehicle market leader Mahindra & Mahindra has also been slapped with a fine of Rs 292 crore. It stock on the BSE opened 1.15% lower at Rs 1,390.15 before hitting a high of Rs 1,405.25. It was trading 0.74% lower at Rs 1,395.90.
Honda Cars, Volkswagen, Fiat, BMW, Ford, General Motors, Hindustan Motors, Mercedes-Benz, Nissan Motors, SkodaAuto, Toyota complete the list of 14 companies which have been penalised by the CCI.
