CCI Uncovers Steel Price Collusion by Tata, JSW, SAIL; 56 Executives Implicated

• India's CCI found Tata Steel, JSW Steel, SAIL, and 25 other companies guilty of antitrust violations for colluding to raise steel prices.
• 56 senior executives, including Sajjan Jindal (JSW MD) and T.V. Narendran (Tata Steel CEO), were held responsible for collusion between 2015-2023.
• The investigation began in 2021 after a builders' association alleged collective supply reduction and price increases, leading to raids in 2022.
• An internal CCI document from July 2025 reportedly revealed WhatsApp messages among industry groups indicating price fixing and supply disruption.
• CCI can impose penalties up to three times a company's profit or 10% of turnover, and fines on executives; steel company shares fell post-report.

Why It Matters: CCI exposed major steel companies and executives for price collusion, signaling strict antitrust enforcement.