Türkiye's competition watchdog has launched investigations to determine whether certain retailers, suppliers and manufacturers had violated relevant articles of the competition law, sending shares in top companies lower, reports said Monday.
The probe by the Competition Authority (RK) covers multiple big enterprises within the food retail sector, including Birleşik Mağazalar (BIM), Migros, Şok Marketler, and Carrefoursa Carrefour.
In a statement to the Public Disclosure Platform (KAP), BIM said the authority launched two separate investigations into it and several other retail companies and their suppliers.
The company suggested that the initiation of such investigations does not imply any concrete findings of law violations or the imposition of penalties.
Migros, Şok Marketler and Carrefoursa also said the watchdog had decided to open an investigation to determine whether certain retailers, suppliers and manufacturers, including their own companies, had violated relevant articles of the Law on the Protection of Competition.
Shares in BIM, Migros, Şok Marketler slid on Monday after the announcements of the investigations.
Serhat Başkurt, algorithmic operations manager at brokerage ALB Yatırım, said investigation led to sell-off at the market open.
When asked about the potential impact on other companies under investigation, Başkurt noted the increasing frequency of investigation and growing regulatory pressure on the sector would have a negative effect.
Shares in BIM and Migros dropped about 5.6% and were the worst performers on Türkiye's main BIST 100 index. Şok Marketler dropped 3.4%, while shares in Carrefoursa Carrefour were up 0.5%.
The discount grocer BIM was slapped with a nearly TL 1.3 billion (nearly $36 million) administrative fine as a result of an on-site inspection being obstructed.
