India investigates fragrance giants over price collusion, document shows

India’s antitrust authorities have launched a second investigation into Givaudan, Firmenich, and IFF, per a Reuters-seen regulatory document. The matter raises additional regulatory and legal overhang for the three fragrance manufacturers, but no financial magnitude (revenue/penalty) was disclosed in the report. Near-term market impact is likely limited unless the investigation escalates into formal charges or penalties.