01:21 PM EDT, 10/25/2024 (MT Newswires) -- Italy's competition authority has launched an investigation into Otis Worldwide ( OTIS ) operations over alleged unfair commercial practices, Reuters reported Friday, citing a statement from the watchdog.

The probe centers on claims that the US elevator maker installed devices on elevators in Italy that require payment for services without obtaining explicit customer consent. Autorita Garante della Concorrenza e del Mercato also noted potential issues with Otis' failure to meet deadlines for new installations and handling maintenance and repair requests inadequately, the report said.

As part of the investigation, AGCM and Italy's tax police have reportedly conducted inspections at several Otis offices across the country.

AGCM and Otis did not immediately respond to MT Newswires' request for comment.

OTIS shares fell 1% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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