News

Fair trade regulator Competition Commission of India's officials on Monday launched searches at the premises of steel pipe and tube manufacturers Jindal Saw Ltd (JINDALSAW) and Maharashtra Seamless Ltd (MAHSEAMLES), sources told Zee Business.

Shares of both listed companies faced selling pressure in Tuesday's trade.  

The searches were linked to allegations of collusion in multiple pipe tenders between 2019 and 2022, according to the sources. 

Add Zee Business as a Preferred Source

Both companies are accused of entering into agreements and arrangements while bidding for Oil & Natural Gas Corp (ONGC) tenders, said the sources. 

The companies allegedly placed bids in a way that ensured contracts were awarded to them, the sources added. 

The raids follow the competition watchdog's order in May demanding a probe into the matter following a complaint from the state-run energy giant. 

At the time of publishing this report, neither Maharashtra Seamless nor Jindal Saw responded to Zee Business's email requests for comment.

Both companies are part of the broader Jindal business group. While both listed entities operate independently in similar areas, they are linked by promoter group members from the Jindal family.

Both companies have manufacturing plants and operations across the country with presence in multiple states.

ALSO READ: JSW Infra Block Deal: Sajjan Jindal family trust trims JSW Infra stake via Rs 1,239 crore transaction

Jindal Saw shares fell as much as 2.4 per cent to Rs 206.3 apiece during Tuesday's trade on BSE, halting a four-day winning run that added nearly five per cent to the stock's value. 

Maharashtra Seamless shares declined 1.3 per cent to hit an intraday low of Rs 631.7 apiece on BSE. 

At noon, both stocks were struggling under the flatline, with Jindal Saw trading 1.5 per cent lower at Rs 208.2 and the Maharashtra Seamless scrip trading down 1.2 per cent at Rs 632 apiece on the bourse. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

LATEST NEWSBy accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.