CCI slams fine on battery makers
Competition Commission of India (CCI) has slashed fine of total Rs. 215 crore on zinc-carbon battery makers for forming cartel and colluding fix prices for their products. The penalised battery makers included Eveready Industries, Indo-National and Panasonic Energy India Limited.
The competition commission found that battery makers with help of their industry body Association of Dry cell manufacturers (AIDCM) had indulged in manipulating and fixation of prices through limiting production and supply in the market.
Eveready Industries has been imposed the largest fine of Rs. 171.55 crore, followed by Indo-National of Rs. 42.26 crore. While the fine on Panasonic Energy India was withdrawn under lesser penalty regulations. The CCI reduced the fine from Rs. 245 crore to Rs. 215 crore for encouraging industries to disclose such kind of uncompetitive pricing and cartelization in the industry.
Taking cue from this development, Eveready Industries opened negative at Rs. 347 per share and is currently trading down by 9.6 per cent at Rs. 330 per share. While Indo-National & Panasonic Energy India are trading down by 2.13 per cent & 0.63 per cent, respectively