The Competition Commission of India (CCI) imposed a penalty of 420.26 crore rupees on Hyundai Motors India Ltd (Hyundai).
The penalty was calculated at the rate of 2 percent of Hyundai’s average turnover and it has to be deposited within 60 days of receipt of the order.
Hyundai is one the three car companies which were found to be guilty of involving in anti-competitive practices in contravention of the Competition Act, 2002. The other two companies are Mahindra Reva Electric Car Company (P) Ltd and Premier Ltd.
However, considering the mitigating factors that worked in favour of Reva and Premier, the Commission absolved the monetary penalties on the two car companies.