Market Chatter: India's Competition Watchdog Probes Givaudan, Firmenich, IFF Over Price Collusion Allegations

11:22 PM EDT, 08/25/2026 (MT Newswires) -- Givaudan (GIVN.SW), DSM-Firmenich (DSFIR.AS, DSFIR.SW), and International Flavors & Fragrances (IFF.VI, IFF.F), or IFF, are facing a new competition investigation in India over allegations of price collusion since 2024, Reuters reported Tuesday, citing a regulatory document and a source close to the matter. The new case is related to the fragrance manufacturers' "alleged cartelisation in the Indian fragrance industry," with initial findings already shared with the companies in February, the report noted, citing the July 22 document. It added that the document was recalled after Givaudan and IFF raised concerns regarding the improper redaction of their commercial secrets. The Competition Commission of India, or CCI, is already investigating the companies over alleged involvement in labor anti-poaching agreements. Givaudan, Firmenich, IFF and the CCI did not immediately respond to requests for comments from MT Newswires. (Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)