Source Reuters
NEW DELHI — A high-profile investigation by the Competition Commission of India (CCI) has found that industry leaders Tata Steel, JSW Steel, and the state-run Steel Authority of India (SAIL) breached antitrust laws by colluding on prices.
According to a confidential regulatory order dated October 6, 2025—recently reviewed by news agencies—the three giants are among 28 companies found to have manipulated steel prices and restricted supply between 2015 and 2023.
Key Findings of the Probe
The investigation, which began in 2021 following a complaint from a builders’ association in Tamil Nadu, has uncovered a systemic effort to distort market dynamics.
Executive Liability: The CCI has held 56 senior executives liable for the collusion. This includes prominent figures such as JSW Steel’s billionaire MD Sajjan Jindal, Tata Steel CEO T.V. Narendran, and four former chairpersons of SAIL.
Digital Evidence: Investigators reportedly utilized WhatsApp messages exchanged within regional industry groups as evidence of coordinated price-fixing and artificial production cuts.
Market Impact: The probe originated after allegations that steel companies hiked prices by 55% over a six-month period in 2021, severely impacting the construction and infrastructure sectors.
Potential Financial Fallout
Under Indian antitrust law, the penalties for cartel-like behavior are among the most stringent in the corporate sector. The CCI has already directed the implicated firms to submit audited financial statements for the past eight years to calculate potential fines.
Potential Penalty Type Maximum Ceiling
Based on Profit Up to 3x the profit for each year of the infringement.
Based on Turnover Up to 10% of the annual turnover for each year of the infringement.
With JSW Steel and Tata Steel reporting combined revenues exceeding $28 billion in the last fiscal year, the eventual fines could reach record-breaking figures for the Indian industrial sector.
Market Reaction and Next Steps
The news sent shockwaves through the National Stock Exchange (NSE) on Tuesday. Shares of SAIL fell by over 3%, while JSW Steel and Tata Steel also saw significant intraday declines, dragging the Nifty Metal index into the red.
“The conduct of the parties was found to be in contravention of Indian antitrust law,” the CCI order stated, marking a critical—though not final—stage in the legal proceedings.
What happens next:
The implicated companies and executives will now have the opportunity to review the findings and submit formal objections. A final, public order from the CCI is expected in the coming months after these responses are evaluated. Both JSW Steel and SAIL have previously denied the allegations in preliminary submissions.
