Home / Markets / News / CEAT, Apollo, JK Tyre: NCLAT relief may drive tyre stocks up to 16% higher

CEAT, Apollo, JK Tyre: NCLAT relief may drive tyre stocks up to 16% higher

Most tyre stocks including JK Tyre, Apollo Tyres, CEAT, MRF and TVS Srichakra look strong on technical charts, looking to rally up to 16 per cent

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3 min read Last Updated : Dec 05 2022 | 12:38 PM IST

The National Company Law Appellate Tribunal (NCLAT) has set aside the Rs 1,788-crore penalty imposed by the Competition Commission of India (CCI) on select tyre companies for alleged cartelisation.

The said order from the NCLAT, dated December 1, is in respose to a batch of appeals filed by tyre-makers against a CCI ruling of August 2018. The tribunal has directed CCI to pass a fresh order in the matter after re-examining the imposed penalty. Read full story here.

Following the development, most tyre stocks moved higher in Monday's weak market. Shares of Apollo Tyres and JK Tyre

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