Retail chain BIM announced that the Competition Board has launched two new investigations targeting retail companies and suppliers. Following the announcement, sharp drops were observed in BIM, Sok, and Migros shares.

BIM chain announced a new investigation initiated in the retail sector. In a statement from BIM, it was mentioned, “It has been notified to us that two investigations have been initiated by the Competition Authority against various retail companies and suppliers, including our company.” The statement used phrases like, “The initiation of an investigation by the Competition Authority cannot be interpreted as the enterprises subject to the investigation have violated or facing and will face punitive sanctions.”

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

SHARP DROP IN SUPERMARKET SHARES

Following the announcement, there were steep declines in supermarket shares. BIST trading index saw a nearly 5% drop.

BIM shares traded at 530.50 lira, marking a 4.33% decrease. Shares of Sok Markets changed hands at 39.52 lira with a 2% decline. Migros recorded a loss exceeding 4% and was 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 stated as the discovery of data deletion from an employee’s work device at the management level.

BIM had objected to the fine imposed by the Competition Authority.