Delivery Hero drops due to potential antitrust penalty

Investing.com – Shares of Delivery Hero fell on Monday after the German online food retailer admitted it faces a hefty fine over antitrust violations.

As of 05:45 ET (09:45 GMT), Delivery Hero shares were trading 4% lower at €20.18, down 20% year-on-year and down almost 50% over the past year.

The potential fine, which could exceed 400 million euros, would be imposed for an “alleged anti-competitive agreement concerning the allocation of national markets, the exchange of confidential commercial information and non-takeover agreements,” the company said in a statement on Sunday evening.

Delivery Hero announced that it will cooperate with the European Commission and significantly increase its reserve, which previously stood at €186 million.

This content was originally published on Investing.com