A source familiar with the matter said the company in question was Walmart de México (Walmex). After hearing the news, Walmart shares fell 4.72% to 61 pesos, their lowest price since January 2021.
Walmart announced on Friday that it will face an administrative procedure following a three-year investigation by the competition authority, related to the wholesale supply and distribution of consumer goods, as well as their retail marketing.
The investigated company will now have the opportunity to defend itself against the findings of “probable vertical price fixing and/or other relative monopolistic practices,” Cofece added in a statement.
The company said last week that it was confident it acted legally.
With information from Reuters.