Market Chatter: HP India Fined by Indian Antitrust Regulator Over Tender Cartelization

MT Newswires Live
07/14

HP (HPQ) India's unit was fined 1.27 billion rupees ($13.3 million) by India's antitrust regulator for allegedly rigging government procurement bids with resellers, Bloomberg reported Tuesday.

The regulator also fined five HP India resellers a combined 12.2 million rupees, alleging the company dictated bid prices and manipulated tender participation, according to the report.

In a separate order, the watchdog imposed penalties totaling 119.8 million rupees on HP India and 16 of its resellers in another public procurement cartelization case, Bloomberg added.

HP did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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