Delivery Hero slumps on potential antitrust fine

Investing.com – Delivery Hero stock slumped Monday after the German online food takeaway firm acknowledged it may face a hefty fine due to antitrust violations.

At 05:45 ET (09:45 GMT), Delivery Hero stock traded 4% lower at €20.18, 20% lower year-to-date, and down almost 50% over the last year.

The potential fine, which could exceed €400 million, would be for “alleged anti-competitive agreement to share national markets, exchanges of commercially sensitive information and no-poach agreements”, the company said in a statement published on Sunday evening.

Delivery Hero said it would cooperate with the European Commission, and will also significantly increase its corresponding provision, which it had previously built at €186 million.