India Seeks Amazon, Flipkart Financials for Potential Penalty, Mint Says

By Tim Smith

September 22, 2024 at 3:20AM EDT

MALUR, INDIA - SEPTEMBER 10: The logo of the Indian e-commerce company Flipkart is seen on a wa inside the company's fulfilment centre on September 10, 2024 in Malur, Karnataka state, India. The Indian e-commerce market is projected to grow significantly, with an estimated size of USD 112.93 billion in 2024 and expected to reach USD 299.01 billion by 2029, reflecting a compound annual growth rate (CAGR) of 21.5% during this period, analysts said. Demand for online shopping surges particularly around festive seasons like Diwali, as consumers take advantage of extensive discounts and promotional offers, driving higher sales volumes and engagement on e-commerce platforms. (Photo by Abhishek Chinnappa/Getty Images) (Abhishek Chinnappa/Photographer: Abhishek Chinnappa)

(Bloomberg) -- The Competition Commission of India asked Amazon Seller Services and Flipkart Internet to share financial statements to determine a potential penalty in an ongoing antitrust case, Mint reported, citing two people aware of the development.

The penalty in the case, which has been running for four years, will depend on the outcome of the regulatory hearing. The CCI can impose a charge of as much as 10% of global turnover.

This is likely to to include revenue earned by the entity in India and abroad but not from any fellow enterprise doing business in another market. The investigation into the e-commerce platforms stemmed from a trade association complaint.

“We do not have any comments on the leaked findings of DG’s investigation,” a spokesperson for Amazon said in response to Mint’s emailed query. Emails sent by the newspaper on Sept. 18 to the CCI and Flipkart seeking comments remained unanswered at the time of publishing.