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India’s largest online travel agency MakeMyTrip has been accused of indulging in “abusive and anti-competitive practices” by activist Morpheus Research.
The short-selling firm said that its investigation involved interviews of 103 industry experts, including former MakeMyTrip employees.
“We also found evidence of a new and undisclosed regulatory investigation from the Director General of the Competition Commission of India (CCI), whose findings and potential actions are coming in ‘early 2026,’ according to a peer-reviewed paper,” the report reads.
It added that the company is “downplaying significant competitive threats while quietly losing market share,” and hiding its worsening financial situation.
MakeMyTrip has faced regulatory action before. In 2022, CCI imposed monetary and non-monetary sanctions on MakeMyTrip as well as GoIbibo and OYO for “indulging in anti-competitive conduct” by, amongst ot
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