China has imposed a hefty fine on the largest e-commerce company ‘Alibaba’ owned by Chinese billionaire Jack Ma. China has imposed a fine of 18.2 billion yuan (US dollar 2.78 billion) on Alibaba. State Administration for Market Regulation had imposed the fine after making an assessment about the company. The investigation began on last December.
The fines was imposed for the practice followed by Alibaba. As per reports, Alibaba forced merchants who wish to sell their wares on its popular platforms do so exclusively, avoiding rival e-commerce sites. The fine amounts to 4% of Alibaba’s revenue in 2019.
Chinese authorities had started scrutiny over the group after Jack Ma criticized Chinese regulators.