Sea Limited (NYSE:SE) shares are trading down Tuesday after one of its subsidiaries was accused of suspected anti-competition breaches in Indonesia.
The Details: E-commerce platform Shopee, which is owned by Sea Limited, was accused of violating anti-competition rules on Tuesday by Indonesia’s antitrust agency, per Reuters.
The agency known as KPPU stated that the local unit of Shopee directed customers to use certain delivery services, violating anti-competition rules.
Shopee, the market leader in Indonesia’s e-commerce sector, reportedly removed several delivery services it had previously posted and left consumers with just two options. One of the two remaining options had a Shopee Indonesia executive on the board.
KPPU held a hearing on the matter on Tuesday. A Shopee representative told Reuters the company complied with a request to attend the hearing as it’s committed to following all local laws. Shopee is expected to deliver its defense at another hearing set to be held next month.
Related Link: Why Is Shopify Stock Trading Higher On Wednesday?
SE Price Action: At the time of writing, Sea Limited stock was down 4.41%, trading at $68.82, according to data from Benzinga Pro.
Photo: 3844328 from Pixabay.
