Apple Shares Climb 0.21% as Trading Volume Plummets to $9.22 Billion—Ranking Eighth—Amid $38 Billion Antitrust Challenge in India

Market Snapshot

Apple (AAPL) closed on November 26, 2025, with a 0.21% gain, despite a 30.03% decline in trading volume to $9.22 billion. The stock ranked eighth in daily trading volume on U.S. exchanges, reflecting mixed investor sentiment. While the price movement was modest, the sharp drop in volume may indicate reduced short-term trading activity, potentially due to market participants awaiting clarity on ongoing legal developments in India.

Key Drivers

Apple’s legal battle with India’s Competition Commission of India (CCI) has escalated, with the company challenging new antitrust penalties that could impose fines up to $38 billion—10% of its average global turnover from 2022 to 2024. The Delhi High Court filing argues that penalties based on global revenue are “manifestly arbitrary, unconstitutional, and grossly disproportionate,” emphasizing that penalties should only target revenue from the specific business unit under scrutiny. This mirrors Apple’s analogy of a stationery business penalized for a toy subsidiary’s violations, highlighting concerns over disproportionate enforcement.

The CCI’s investigation centers on Apple’s iOS app store policies, including restrictions on third-party payment processors and 30% in-app purchase fees. The regulator alleges “abusive conduct” in the Indian app market, a claim Apple has repeatedly denied. The case, initiated in 2022 after complaints from Match Group and Indian startups, remains unresolved, with the CCI yet to issue a final decision. Apple’s challenge to the global turnover framework aims to preempt potential penalties, as the law’s retrospective application in an unrelated case has heightened legal uncertainty.

The company’s argument hinges on jurisdictional boundaries, asserting that the CCI lacks authority to penalize global operations for conduct in India. This aligns with broader concerns about multinational corporations facing penalties tied to overseas revenue for domestic market activities. Competitor Match Group, however, supports the global turnover approach, arguing it deters antitrust violations. Legal experts like Gautam Shahi of Dua Associates suggest the court is unlikely to overturn the CCI’s revised framework, given its explicit legislative backing.

The outcome carries significant implications for Apple’s business model. A ruling favoring the CCI could pressure the company to adjust its app store policies in India and globally, potentially reducing revenue from in-app fees. Conversely, a successful challenge might reinforce Apple’s stance on localized regulatory compliance, preserving its current ecosystem. The case also tests India’s ability to enforce antitrust policies on global tech giants, with potential ripple effects for regulatory approaches in the EU and other markets.

Apple’s smartphone presence in India has grown fourfold in five years, according to Counterpoint Research, complicating its narrative of being a minor player. The company’s legal strategy balances defending its global operations against accusations of market dominance, while managing risks to its expanding Indian manufacturing and retail ambitions. As the Delhi High Court prepares to hear the case on December 3, investors will closely monitor how this dispute shapes regulatory dynamics for tech firms in emerging markets.