China Hits Alibaba With Huge $2.78 Billion Fine For Market Abuse

Saturday, 10 April 2021Newsdesk

Chinese regulators have hit e-commerce giant Alibaba with a massive 18.2 billion yuan ($2.78 billion) fine over practices deemed to be an abuse of the company's dominant market position, state-run media reported on Saturday.

New Delhi, 10 April 2021

Xinhua news agency said the State Administration for Market Regulation had assessed the fine after concluding an investigation into Alibaba that began in December. As per news report of NDTV, the investigation and fine centred on Alibaba's alleged practice of requiring that merchants who wish to sell their wares on its popular platforms do so exclusively, avoiding rival e-commerce sites.

Source -NDTV