Jindal Saw shares in focus today as CCI conducts raids in alleged bid rigging case

Shares of Jindal Saw are in news today amid reports that the Competition Commission of India (CCI) carried out surprise raids at the offices of Jindal Saw Ltd., a key entity within the OP Jindal Group, as part of an investigation into alleged bid rigging.

The case originated from a 2023 complaint by state-run Oil and Natural Gas Corp. Ltd. (ONGC) concerning the bidding processes of certain tenders involving Jindal Saw and another steel pipe manufacturer. ONGC has not responded to requests for comment regarding the matter.

Jindal Saw stock ended 0.50% lower at Rs 210.25 on Tuesday against the previous close of Rs 211.30 on BSE. Market cap of the firm stood at Rs 13,445 crore. 

"We wish to inform you that officials of the Competition Commission of India (CCI) visited the offices of the Company at Delhi from 15/09/2025 to 16/09/2025 in connection with certain investigation. The Company has extended full cooperation to the authorities during the course of their investigation. We shall keep the Stock Exchange(s) updated on further developments on this matter," said Jindal Saw.

CCI inspectors are reported to have collected documents and questioned officials during the operation, a process that can continue for several months as standard procedure dictates in such investigations. The raids were conducted at business premises in and around New Delhi and have since concluded, with the specifics remaining confidential in accordance with CCI rules.

According to available information, the CCI also conducted similar search operations at Maharashtra Seamless Ltd., another significant player in the steel pipe industry, said a Reuters report. 

The current action stems directly from the ONGC complaint, and details of the ongoing inquiry remain undisclosed due to regulatory confidentiality requirements. ONGC, Jindal Saw, Maharashtra Seamless, and the Competition Commission of India have not issued public statements about the raids or the allegations as of this report.

Jindal Saw operates under the OP Jindal Group, which has a broad presence in the steel and power sectors. The implications of the raid and investigation could affect its business reputation and regulatory standing, though the final outcome depends on the findings of the CCI. The case illustrates the ongoing scrutiny over tendering practices within the steel pipe industry, with regulatory authorities actively addressing allegations of anti-competitive behaviour.