India regulator fines MakeMyTrip, Oyo for anti-competitive conduct
- On Wednesday, India’s competition regulator announced that it had fined online hotel booking companies MakeMyTrip Ltd (MMYT.O) and Goibibo, as well as IPO-bound hotel chain Oyo, a total of $47 million for anti-competitive behaviour.
- Since 2019, the Competition Commission of India (CCI) has been investigating the companies after a hotel body claimed that MakeMyTrip gave preferential treatment to SoftBank-backed (9984.T) Oyo on its platform.
- After fining them $27 million, the CCI has ordered MakeMyTrip and Goibibo (MMT-Go) to change their market behaviour. Oyo received a $20 million fine.