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WiseTech sinks 11% after ACCC raid on competition concerns
Shares fell 11% to $38.58 after the ACCC executed a search warrant over alleged competition law breaches. The investigation adds a new layer of regulatory risk to WiseTech's dominant CargoWise platform.
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WiseTech Global (ASX: WTC) told the ASX on Wednesday that the Australian Competition and Consumer Commission had executed a search warrant at the company's premises, sending shares down about 11% to $38.58 AUD.
The warrant requires WiseTech to produce documents and electronic data related to an investigation into alleged breaches of competition and consumer law covering global logistics services and software. The company said it would cooperate fully. No breaches have been found, and WiseTech has not disclosed potential penalties or outcomes.
For shareholders, the raid adds to a growing list of risks. WiseTech built CargoWise into a dominant global logistics platform, giving it a strong position in a specialised market. That scale now makes market conduct a live issue. The ACCC's involvement raises questions about how the company competes and whether its software and logistics operations face structural scrutiny.