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Strike Hits Production At Apollo Tyres' SA Unit

(RTTNews) - Delhi-based tyre manufacturer Apollo Tyres on Thursday informed that its workers at the company's two tyre manufacturing plants located at Durban and Ladysmith in South Africa have joined a general strike in the country.

Apollo Tyres South Africa (ATSA), a wholly-owned subsidiary of Apollo Tyres, has received notice of a referral to the competition tribunal of a complaint by the competition commission dated August 31, 2010 alleging anti-competitive conduct by tyre manufacturers including ATSA. It recommended imposition of an administrative penalty of 10 percent of turnover by 2008.

"We have been advised that ATSA has submitted all the information to the competition commission in a transparent manner during the course of enquiry and has fully co-operated with their investigation to date. ATSA is in process of defending the case at the level of competition tribunal after taking suitable legal advice," Apollo Tyres said in a filing to the stock exchanges.

Shares of the company are now trading down 0.76% at Rs.85.35 on the National Stock Exchange.