New York, June 3 (IANS) 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.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
