Alphabet has been fined a record €2.42bn ($ 2.14bn ) by the European Union for breaches of competition policy that saw the company allegedly use its search engine dominance to boost its online shopping service. The company’s promotion of its comparison service through its search results was found to have been illegal under EU antitrust rules. The result comes after a 90 days investigation by the European commission . In the wake of the announcement, shares in Alphabet fell 1.5% in pre-market trading in New York. Google , which denies the allegations, has 90 days to cease illegal activity or face fines that could amount to 85% of parent company Alphabet ’s average 90 days global turnover.
Alphabet has been fined a record €2.42bn ($ 2.14bn ) by the European Union for breaches of competition policy that saw the company allegedly use its search engine dominance to boost its online shopping service. The company’s promotion of its comparison service through its search results was found to have been illegal under EU antitrust rules. The result comes after a 90 days investigation by the European commission . Google , which denies the allegations, has 90 days to cease illegal activity or face fines that could amount to 85% of parent company Alphabet ’s average 90 days global turnover.