Retail chain BIM announced that the Competition Board has initiated two new investigations targeting retail companies and suppliers. Following the announcement, there was a sharp drop in shares of BIM, Sok, and Migros.

Retail chain BIM announced a new investigation in the retail sector. In a statement from BIM, it was reported that “the Competition Authority has informed us that two investigations have been initiated against various retail companies and suppliers, including our company.” The statement also mentioned that “the initiation of an investigation by the Competition Authority cannot be interpreted as the companies in question having violated, facing, or enduring penalties.”

The company announced that developments will be shared with the public in accordance with capital market legislation.

SHARP DROP IN MARKET SHARES

Following the announcement, there was a sharp decline in market shares. The BIST trade index saw a nearly 5% drop in value.

BIM shares traded at 530.50 Turkish lira, down by 4.33%. Sok Market shares changed hands at 39.52 lira, a decrease of 2%. Migros suffered a loss of over 4%, priced at 533 lira.

RECORD FINE IMPOSED

In the first week of March, the Competition Authority imposed a record fine of 1.3 billion lira on BIM.

The reason for the fine was explained as the discovery of a deletion of data from a company device by an employee at the management level.

BIM had appealed the fine to the Competition Authority.