South Korea's top automaker Hyundai Motor Co. has been hit with a 76.6 billion-won (US$65.5 million) fine by India's antitrust watchdog for alleged unfair practices, industry sources said Friday.
The Competition Commission of India has accused Hyundai and 13 other car manufacturers of engaging in unfair practices in the country's after-services market, according to the sources.
The penalties are equivalent to 2 percent of the carmakers' average annual sales over the last three years.
The Indian regulator had earlier imposed a combined 430 billion won in penalties on the 14 carmakers after investigations showed that they were providing auto parts only to their branch stores, which jacked up their prices for local independent repair shops.
Hyundai had lodged an administrative suit against the decision but was later slapped with its share of the fine after the Indian authorities ordered all 14 carmakers in question to be reviewed by the Madras High Court.
Hyundai Motor sold 233,961 vehicles in India in the first half of the year, up 8 percent from the same period a year earlier.