Saint-Gobain Accused Of Anti-Competitive Practices In India: Report

Compagnie de Saint-Gobain SA CODGF CODYY and its local unit are reportedly facing a lawsuit by India's antitrust authorities for anti-competitive practices in the country.

Saint-Gobain reportedly forced some partners to exclusively buy glass from it or face the risk of supplies stoppage, as per Reuters. 

On May 25, a retired glass industry executive filed a case to the Competition Commission of India (CCI) accusing Saint-Gobain of manipulating its market position in the clear float glass products.  

The executive also claimed, in some instances, Saint-Gobain directly fixed prices with large customers and then asked distributors to supply at those rates.

In a statement to Reuters, Saint-Gobain said, "it was not aware of and nor had it been served any complaint, notice or document," further adding that Saint-Gobain India Private Limited "conduct their activities in compliance with laws."

As per the report, Saint-Gobain considers India one of its top growth markets, with a 44% share of the float glass market in India and a 19% share of the coated one.

Price Action: CODYY shares closed higher by 0.30% at $11.80 on Monday.

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