The retail chain BİM announced that the Competition Authority has initiated two new investigations into retail companies and suppliers. Following the announcement, BİM shares experienced a drop of nearly 5 percent.

The retail chain BİM disclosed the initiation of new investigations in the retail sector. In a statement from BİM, it was mentioned, “We have been informed that the Competition Authority has initiated two investigations into various retail companies and suppliers, including our company.” The statement indicated, “The initiation of an investigation by the Competition Authority cannot be interpreted as the enterprises under investigation having violated and facing penal sanctions.”

The company stated that developments would be shared with the public in accordance with capital market regulations.

SHARP DECLINE IN BİM SHARES

Following the announcement, the BIST trading index started the day with a drop of nearly 4 percent. BİM shares decreased by approximately 5 percent, while Migros shares lost 2.5 percent in value.

RECORD FINE IMPOSED

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

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

BİM appealed against the mentioned fine to the Competition Authority.