Moneysupermarket Shares Fall 11% on U.K Competition Probe

Updated on Group Plc shares fell as much as 11 percent after the price comparison website said the U.K. energy regulator was investigating whether to include it in a competition probe.

Moneysupermarket was trading at 277.7 pence at 12:20 p.m., down 9.3 percent, giving the company a market value of 1.5 billion pounds ($2.3 billion). The shares had declined to 271.9 pence earlier, the biggest intraday fall in almost two years.

The website, which lets consumers compare prices of various services, has been asked to provide information to Ofgem. The British gas and electricity regulator is investigating a possible competition law breach by two or more companies, Moneysupermarket said in a statement on June 3.

An Ofgem spokeswoman referred back to a Feb. 9 statement that mentioned “two or more” unnamed companies. “The fact that we have opened this investigation does not mean there has been a breach of competition law,” according to the statement.

Paul Lawler, a Moneysupermarket spokesman, said the company wasn’t able to expand on its statement that Ofgem had asked for information to see whether it should be part of the investigation. Moneymarket was assisting with these inquiries, he said.

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