MEXICO CITY (Reuters) -Mexican telecommunications giant America Movil said on Tuesday that that the nations telecoms regulator fined its subsidiary Telcel 1.78 billion pesos ($93.61 million) for monopolistic practices, which the company denied and pledged to challenge.

The fine follows an investigation launched in 2021 by the Federal Telecommunications Institute (IFT) at the request of a competitor over alleged monopolistic practices by Telcel in the national market for the distribution and commercialization of SIM cards through convenience store chains.

"Telcel denies having committed the practice referred to in the resolution," America Movil said in a statement, adding that Telcel will challenge the investigation and fine "through all available legal means."

"Telcel considers it is an arbitrary and disproportionate fine based on competitor's allegations and in a biased investigation, lacking evidence, carried out by the IFT's Investigation Authority," the parent company added.

($1 = 19.0150 Mexican pesos)