India watchdog finds Tata Steel, JSW, SAIL guilty of price collusion in major antitrust case

India’s antitrust authority has found that market leaders Tata Steel, JSW Steel, and state-run SAIL, along with 25 other companies, breached competition law by colluding on steel selling prices, according to a confidential Competition Commission of India (CCI) order dated October 6.

The order also holds 56 top executives individually liable for cartel-like conduct over different periods between 2015 and 2023, including JSW Steel Managing Director Sajjan Jindal, Tata Steel CEO T.V. Narendran, and four former SAIL chairpersons. The document has not yet been made public.

Why this is a landmark case

This is the most high-profile antitrust action in India’s steel industry in recent years. India is the world’s second-largest producer of crude steel, and the metal underpins infrastructure, housing, railways, and manufacturing. Any sustained price manipulation affects public spending, private construction costs, and end consumers.

Under Indian law, the CCI can levy penalties of up to three times the profit or 10 percent of turnover for each year of wrongdoing. Individual executives can also be fined.

What the CCI has concluded

According to the order, the CCI has “found the conduct of the parties to be in contravention” of antitrust law and determined that “certain individuals have also been held liable.”
This finding marks a critical stage in competition cases. It will now be reviewed internally by senior CCI officials. Companies and executives will be allowed to submit objections and representations, a process expected to take several months given the scope of the probe. Only after that will the final order be issued publicly.

How the investigation began

The case originated in 2021 after the Coimbatore Corporation Contractors Welfare Association alleged in a criminal complaint that steel companies had restricted supply and raised prices. A state court directed the matter to the CCI after prosecutors said it involved competition law.

The CCI initially investigated a small group of firms and later expanded the probe to as many as 31 companies, industry groups, and dozens of executives. In 2022, the watchdog carried out raids on smaller steel producers as part of the inquiry.

Evidence cited by investigators

While the October order does not list evidence in detail, an internal CCI document from July 2025 indicates officials reviewed WhatsApp messages exchanged among regional industry groups of steel product makers.
Those messages, the document said, “indicate that they are involved in fixing prices and cutting down production.”

The CCI has also asked companies to submit audited financial statements for eight financial years up to 2023, a step typically used to calculate potential penalties.

Market impact and company responses

The steel sector reacted swiftly. During trading after news of the findings emerged, JSW Steel shares fell 1.33 percent, SAIL dropped 3.2 percent, and Tata Steel slipped up to 0.7 percent. The Nifty Metal Index also turned negative.

JSW Steel declined to comment. Tata Steel, SAIL, and the named executives did not respond to queries. The CCI also did not comment, as the proceedings remain confidential. People familiar with the matter said JSW and SAIL have denied the allegations in their submissions.

Why this matters for the economy

Steel is central to India’s infrastructure push. Market leaders hold significant shares: JSW Steel 17.5 percent, Tata Steel 13.3 percent, and SAIL 10 percent, according to BigMint.
In the last fiscal year ending March 2025, JSW Steel reported revenues of $14.2 billion, while Tata Steel posted $14.7 billion.

If the CCI’s findings are upheld, the case could:
• Reset pricing practices across the industry.
• Lower input costs for builders and public projects if collusion is dismantled.
• Strengthen enforcement against cartel behaviour in other commodities.

Multiple perspectives

Regulators say their mandate is to protect competition and consumers from coordinated pricing.
Companies argue the market is influenced by global commodity cycles, raw material costs, and demand swings, not collusion.
Builders and infrastructure contractors have long complained that sudden price spikes disrupt projects and budgets.