Apple Stock Surges 1.52% on $12.65B Volume Spike as India Legal Challenge Ranks Third in U.S. Trading Activity

Market Snapshot

Apple Inc. (AAPL) surged 1.52% on December 1, 2025, as its stock volume spiked to $12.65 billion—a 106.98% increase from the prior day—ranking it third in trading activity across U.S. markets. The surge in volume and price movement occurred amid heightened legal and regulatory scrutiny in India, where the company is challenging amendments to the Competition Act that could expose it to penalties of up to $38 billion.

Key Drivers

Apple’s legal battle with India’s Competition Commission of India (CCI) has dominated its recent narrative, with the company arguing that the revised competition law—which allows penalties to be calculated based on global turnover—is unconstitutional and disproportionately punitive. The CCI’s investigation into Apple’s App Store practices, initiated in 2022 following complaints from Match Group (owner of Tinder) and Indian startups, found the company had abused its dominant position by mandating the use of its proprietary in-app payment system, which imposes a 30% fee on developers. The CCI’s confidential report highlighted that the App Store’s monopoly over iOS developers forces them to accept “unfair terms,” harming competition and users.

The core of Apple’s challenge lies in the 2023 amendment to Section 27 of the Competition Act, which expanded the definition of “turnover” to include global revenue. Previously, penalties were capped at 10% of turnover linked to the specific product or service involved in the violation. Apple argues this shift enables the CCI to penalize it for practices in India using revenue from unrelated global operations, a stance it likens to fining a stationery business for a toy-related infraction. The company’s legal team emphasized that its Indian operations are relatively small compared to its global scale, and the potential $38 billion fine—10% of its average global turnover over three years—would be “grossly disproportionate.”

The Delhi High Court has requested the Indian government and CCI to justify the legality of the global turnover provision by December 8, 2025. Apple’s counsel, Abhishek Manu Singhvi, sought interim relief to halt proceedings, while government lawyer Balbir Singh accused the company of attempting to delay the CCI’s investigation. The court’s upcoming hearing on December 3 and 16 will determine whether the amendment is applied retroactively to pending cases like Apple’s. Meanwhile, the CCI has demanded Apple’s financial records by December 8, signaling its intent to proceed with the investigation.

Apple’s stock performance coincided with broader antitrust pressures in other jurisdictions. In the European Union, regulators recently accepted Apple’s pledge to open its tap-and-go payment system to rivals under the Digital Markets Act (DMA), avoiding a potential fine. In the U.S., a federal judge ruled earlier this year that Apple had violated a prior court order by restricting competition in its App Store, prompting a referral to prosecutors for criminal contempt. These global challenges underscore the company’s vulnerability to regulatory actions targeting its ecosystem’s closed-loop business model.

Apple’s defense also hinges on its strategic expansion in India, where smartphone sales have grown fourfold in five years. The company’s argument that it is a minor player in the Indian market compared to Android rivals like Google aims to contextualize its market dominance claims. However, the CCI’s findings suggest Apple’s control over iOS developers is akin to a “monopoly,” leaving them with no choice but to comply with its payment policies. This dynamic mirrors antitrust debates in the EU and U.S., where regulators are increasingly scrutinizing tech platforms’ gatekeeper roles.

The outcome of the Indian case could set a precedent for how global turnover is applied in antitrust penalties, with implications for multinational corporations beyond Apple. For now, the stock’s 1.52% gain and surge in volume reflect investor speculation about the court’s stance on the legal challenge, which could delay or mitigate the potential fine. However, the unresolved nature of the CCI’s investigation and broader regulatory pressures worldwide suggest ongoing risks for Apple’s business model in the near term.