- An Indian court dismissed Amazon.com Inc (NASDAQ: AMZN) and Walmart Inc’s (NYSE: WMT) Flipkart’s appeals to crush the antitrust investigation into their business practices, Reuters reports.
- The Competition Commission of India (CCI) announced its investigation in Jan. 2020 after a trader group blamed the firms for favoring selected sellers and hampering the prospects of the smaller sellers.
- The investigation listed four anticompetitive practices, including exclusive mobile phone launches, seller partiality, deep discounting practices, and discriminating seller listings.
- The investigation was put on hold in Feb. 2020 after the firms challenged the CCI’s lack of evidence regarding the firms’ anticompetitive practices.
- The Karnataka High Court dismissed the firms’ petitions refusing any further exemption.
- The CCI decided to restart the probe based on Reuters investigation that highlighted Amazon’s preferential treatment to selected sellers through lower fees and special deals with big tech firms.
- Amazon had refuted the allegations and defied the story as evidence for the investigation.
- price action: AMZN shares traded lower by 0.29% at $3,340.56 on the last check Friday.
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AMZN Stock – Amazon.com, Inc. ((NASDAQ:AMZN)), Wal-Mart Stores, Inc. ((NYSE:WMT)) – India High Court Refuses Amazon, Walmart-Owned Flipkart’s Antitrust Quash Appeals: Reuters
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