CCI Slams Tata Steel, JSW, SAIL for Price Collusion; Stocks Dip

• CCI found Tata Steel, JSW Steel, and SAIL, along with 25 other companies, guilty of colluding on steel sales prices.
• 56 senior executives, including JSW's Sajjan Jindal and Tata Steel's T. V. Narendran, were also held responsible for price fixing from 2015-2023.
• The investigation began in 2021 after a complaint from a Tamil Nadu builders' association regarding supply limits and price hikes.
• Evidence included WhatsApp chats indicating price fixing and production limitation among regional industry groups.
• The CCI can impose heavy penalties, and the news led to a sharp decline in shares of JSW Steel, SAIL, and Tata Steel.

Why It Matters: CCI's findings of steel price collusion against major firms like Tata Steel and JSW led to stock drops.