Apple (AAPL) shares are now in focus as the company faces a potential $38 billion fine in India after the country’s regulator sought to hasten the final ruling in its antitrust case against the tech giant. The Competition Commission of India (CCI) has scheduled a final hearing for May 21, 2026, after Apple refused to provide the requested financial data despite having multiple opportunities to do so.
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Apple Allegedly Stalls CCI Investigation with High Court Challenge
Apple has reportedly failed to comply with the CCI’s orders to submit its financial records since October 2024, preventing the regulator from determining the size of any potential fine. Rather than providing the requested data, the company shifted its focus to a separate case in the Delhi High Court, where it challenged the entire Indian antitrust penalty law.
However, the CCI has rejected Apple’s request to halt proceedings, accusing the company of deliberately delaying the investigation. This is the first time Apple is pushing back against the investigation.
According to an article published by CCI investigators in 2024, they concluded that Apple forced developers to use its proprietary in-app purchase system. The investigators claimed that this gave Apple an unfair advantage in India’s app market.
However, Apple has denied these allegations, claiming that it holds only a limited presence in India, where Android devices dominate. Contrary to that, research shows that iPhone’s market share in India has risen from 4% to 9% over the past two years. As a result, regulators are seeking Apple’s financial data to accurately assess potential penalties should a violation be confirmed.
$38 Billion Penalty Risk Looms as Final Hearing Approaches
The CCI has given Apple a two-week deadline to file its response to the allegations ahead of the May 21 hearing. However, the company is concerned that a fine based on its global revenue could reach up to $38 billion.
Guatham Shahi, an Antitrust Lawyer at Dua Associates, noted that Apple can submit its financial reports with an auditor’s certificate and argue on penalty during the court hearing. He also noted that the company’s chances of fighting the fine will be significantly limited if it fails to do so. Moreover, if the final ruling goes against Apple, the company’s shares may come under heavy pressure in the market.
At the same time, Apple is facing pressure from other organizations concerning its operations. The company has been involved in an antitrust lawsuit filed by the U.S. Department of Justice (DOJ) since March 2024. Separately, it is also facing complaints from European broadcasters over Apple TV and Siri under EU digital market rules. As such, the outcome of the ongoing India case could influence how other regulators approach Apple’s App market practices.
Is AAPL A Good Buy Now?
Wall Street analysts rate Apple (AAPL) as “Moderate Buy” based on TipRanks consensus data. The stock currently trades at about $273, with an average price target of around $304 and an upside potential of approximately 11.5%. For more information on the stock’s performance, ratings, and price targets, visit the TipRanks Stocks Comparison Center.
