New Delhi | January 6, 2026
India’s steel industry has been jolted by a major regulatory development after a confidential investigation by the Competition Commission of India (CCI) found Tata Steel, JSW Steel, and state-run Steel Authority of India Ltd (SAIL) guilty of price fixing, according to a Reuters report.
A confidential CCI order dated October 6 concluded that the companies violated India’s competition laws by colluding to fix steel prices, potentially exposing them to substantial financial penalties. The case is being described as one of the largest antitrust actions ever undertaken in India’s steel sector.
Top Executives Named in the Investigation
The findings extend beyond corporate entities and directly implicate senior leadership. The investigation reportedly holds 56 top executives responsible for coordinated pricing decisions between 2015 and 2023. Those named include JSW Steel Managing Director Sajjan Jindal, Tata Steel CEO T.V. Narendran, and four former chairmen of SAIL.
In total, 31 companies and industry bodies are under scrutiny, underscoring the scale and complexity of the alleged cartel.
Probe Origin and WhatsApp Evidence
The investigation began in 2021 after the Coimbatore Corporation Contractors Welfare Association filed a complaint in a Tamil Nadu court. The complaint alleged that steel prices were raised by 55% within six months while supply was artificially restricted.
Following court directions, the CCI launched a formal probe. According to an internal CCI document dated July 2025, investigators uncovered WhatsApp chats among regional steel industry groups, indicating coordination to manipulate prices and curb production.
Penalty Risk and Market Impact
India, the world’s second-largest crude steel producer, relies heavily on the sector amid rising infrastructure spending. JSW Steel (17.5%), Tata Steel (13.3%), and SAIL (10%) together control a significant share of the domestic market.
Under CCI regulations, penalties can reach three times the profit or up to 10% of annual turnover—whichever is higher—for each year of violation. With FY2025 revenues reported at $14.7 billion for Tata Steel and $14.2 billion for JSW Steel, potential fines could be substantial.
Markets reacted negatively to the news. JSW Steel shares fell 1.33%, SAIL declined 3.2%, and Tata Steel dropped 0.7% following the report.
What Comes Next
The findings are preliminary. Companies and individuals will be given time to present their objections and defenses, a process expected to take several months before the CCI issues its final public order. Sources cited by Reuters said JSW Steel and SAIL have denied the allegations.
If upheld, the case could mark a turning point in India’s corporate regulatory landscape, with far-reaching implications for competition enforcement, corporate governance, and the ease of doing business in the country.
