11:26 AM EDT, 06/13/2024 (MT Newswires) -- Coupang ( CPNG ) was slapped on Thursday with a fine of 140 billion won ($102 million) by South Korea's antitrust agency for allegedly engaging in unfair product promotion practices, multiple Korean news outlets reported.

The Korea Fair Trade Commission also ordered Coupang ( CPNG ) and its subsidiary, Coupang Private Label Brands, to take corrective measures while referring both companies to prosecutors for further investigation, the reports said, citing an announcement by the agency.

The e-commerce giant was accused of manipulating algorithms in promoting its private-label products on its platform to boost sales and mobilizing employees to write positive reviews about the products, the reports said.

Coupang ( CPNG ) issued a statement expressing disappointment over the FTC decision to impose "an overly harsh penalty that exceeds half of the combined amount of fines imposed on the 500 largest companies in Korea last year," according to a report by Korea JoongAng Daily.

Coupang ( CPNG ) and the FTC did not immediately reply to MT Newswires' requests for comment.

Shares of Coupang ( CPNG ) fell more than 4% in recent Thursday trading.

Price: 21.72, Change: -0.98, Percent Change: -4.30