STORY: Delivery Hero shares fell as much as 17.4% in early trades Monday (July 8).

Investors were spooked when the German takeaway firm warned the European Commission might fine it more than $433 million for possible antitrust violations.

The company said on Sunday (July 7) the potential fine would be for an "alleged anti-competitive agreement to share national markets, exchanges of commercially sensitive information and no-poach agreements".

Delivery Hero said it would cooperate with the Commission's investigation.

The company did not say when the potential fine might be imposed.

A spokesperson for the European Commission declined to comment.

Delivery Hero referred to its statement when asked about the specific reason for the potential fine.

Sunday's update was the latest example of European regulators probing Delivery Hero and its Spanish service Glovo.

In 2022, Spain's labor ministry fined Glovo for violating a law requiring food delivery firms to formally hire their riders.

EU antitrust regulators also raided both companies' headquarters last year as part of an investigation into hiring practises and information sharing.