India’s antitrust agency on Wednesday raided offices of tyre companies including Germany's Continental AG and India’s Apollo Tyres and CEAT in a case of suspected competition law violations, four sources told Reuters.

Shares of Apollo, one of India’s biggest tyre makers, fell as much as 3 per cent after Reuters first reported the raids, while CEAT dropped 2.2 per cent in the Mumbai market, which was trading higher.

Shares in Continental, which is a relatively small player in India, fell about 3.5 per cent in morning trade in Frankfurt.

Apollo did not immediately respond to a request for comment, while calls and messages to CEAT spokespeople went unanswered.

In a statement after the Reuters report was published, Continental confirmed that officers of the Competition Commission of India (CCI) had visited its office near New Delhi.

“Continental is fully cooperating with the authorities,” it said.

The raids were being conducted by CCI officers across multiple cities, the sources said.

The CCI did not immediately respond to a request for comment. The agency does not publicly disclose its raids.