The best regulated crypto exchange
Find out why?

India investigates Flipkart, Amazon festival discounts

By Yana Berman

Government to probe whether the retailers violated competition rules

India investigates Flipkart Amazon festival discounts

The Indian government is investigating recent discounts offered by Walmart's Flipkart and Amazon during festival days, according to Reuters.

The retail giants held festive sales called the Great Indian Festival and Big Billion Days between September 29 and October 4. India Today wrote that during the six-day long sale the companies earned over $3bn (£2.37bn) of gross merchandise value (GMV).

During that period, Flipkart and Amazon dominated, with a market share of nearly 63 per cent.

The commerce ministry official told Reuters that multiple complaints were filed via the Confederation of All India Traders (CAIT), which represents 70 million retailers across the country.

Now the Indian government is examining papers which claim that the two retailers violated the competition rules and offered hefty discounts.

The rules were introduced by Indian government this February to protect local businesses and deter major online shops.

Reuters says Flipkart and Amazon have already held a meeting with Indian officials to discuss the matter. Both retailers said the talks were productive.

Tokenised securities are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how tokenised securities and leverage work and whether you can afford to take the high risk of losing your money. Nothing in the above article should be regarded as a recommendation to trade generally, to trade on a particular platform or to trade in a particular asset. Asset prices can go down as well as up and past performance is not a guide to future performance. Investors and traders should thoroughly research an asset or strategy before making any trading or investment decision and if necessary seek professional advice.

Subscribe to Currency.com news
iMac Image
The most beautiful trading app
google play storeapple store
iPhone Image
iPhone Image