Google has appealed the $1.7 billion fine levied by the European Commission for stifling competition in the online advertising industry.
This appeal came in response to a previous fine slapped on Google by the executive arm of the European Union over antitrust issues. In the current instance, the fine was levied over alleged abuse of Google’s online power in the advertising market through its AdSense business. The EU accuses Google of restricting online search advertisements from competitors, which was deemed illegal under the bloc’s antitrust rules.
Previously in 2017, the EU charged Google with two similar fines worth nearly $8 billion for practicing anti-competitive practices with its Android devices and comparison-shopping service.
Google is also currently facing increasing regulatory pressures from the U.S. Justice Department, which is reportedly planning an antitrust investigation into Google, related to business practices in its search and other businesses.
Shares of Google’s parent company Alphabet plunged nearly 5% after the news first broke in the Wall Street Journal.