Why Tenneco (TEN) Stock Is Down Today

NEW YORK (TheStreet) -- Tenneco  (TEN) dropped 6.67% to $55.06 at 3:24 p.m. on Tuesday after the company, a leading supplier of replacement automotive parts, confirmed that U.S. and European authorities have requested information from Tenneco as part of an ongoing antitrust investigation into multiple automotive suppliers.

Tenneco revealed that European Commission representatives were at Tenneco GmbH's administrative facility in Edenkoben, Germany to collect information for the investigation. The U.S. Department of Justice also sent a related subpoena to Tenneco.

The company said in its statement it would cooperate fully with the authorities but could not comment further because of the ongoing investigation.

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