Alphabet, Amazon shares down on fears of antitrust probe

Last Updated: Tue, Jun 04, 2019 13:20 hrs
Google Alphabet

New York: Investors were spooked on Monday as fears spread of impending anti-trust probes by the US government against tech giants such as Google's parent company Alphabet and online retail behemoth Amazon.

Accordingly, the shares of the two companies sharply fell during Monday's intra-day trade on the Nasdaq stock market.

Alphabet's scrip fell by over 6 per cent to $1,035.58 (10.44 a.m. eastern daylight time) from its previous close.

Similarly, there was a fall in Amazon's scrip price. It fell by 2.99 per cent to $1,721.95 (10.47 a.m. EDT) from its previous close.

The development comes after reports said that US government agencies such as the Justice Department may initiate antitrust probe against these companies.

It has been alleged that both these businesses suppress other competitors due to their large sizes and unlimited resources.

In addition, if any violation is found on the part of these companies, the US agencies can file an antitrust law suit that can potentially impose penalties or even break these tech behemoths.