India’s antitrust watchdog barks but fails to bite off
- The CCI has collectively fined companies about ₹13,000 crore between 2011-12 and 2018-19. But it has collected less than 1% of it so far.
On 19 October, India’s competition regulator imposed a fine of about ₹223 crore on travel portal MakeMyTrip for entering into preferential pacts with hotel partners. At current exchange rates, that’s roughly about $27 million, or about 9% of the company’s 2021-22 revenues. The MakeMyTrip stock fell only about 0.7% that day, underscoring what the market thought about the material impact of the Competition Commission of India (CCI) order. In its 13-year operational history, the CCI has delivered anti-competition orders of wide import and imposed huge fines, but has collected very little.