Morpheus Research Alleges Anti-competitive Practices and Accounting Fraud at MakeMyTrip

Key Facts

1Morpheus Research alleges MakeMyTrip continues anti-competitive price parity practices despite a 2022 penalty from the Competition Commission of India (CCI).

2The report alleges accounting irregularities and the use of misleading financial metrics by the company.

3The report claims there is an undisclosed CCI investigation due in early 2026.

Activist short-seller Morpheus Research has released a scathing report targeting MakeMyTrip (MMYT), alleging persistent anti-competitive behavior. The report claims the company continues to enforce price parity agreements despite a 2022 ruling and penalty from the Competition Commission of India (CCI). Furthermore, Morpheus Research accuses MakeMyTrip of accounting irregularities and the use of misleading financial metrics to mask its true performance. The short-seller also pointed to an undisclosed CCI investigation that is reportedly expected to conclude in early 2026. These allegations raise significant concerns regarding regulatory compliance and the integrity of the company's financial reporting. Such reports typically trigger downward pressure on stock prices as investors weigh the risks of further regulatory scrutiny and potential legal repercussions.