Core Viewpoint - MakeMyTrip Ltd faces significant scrutiny following a report from Morpheus Research, which alleges regulatory violations, accounting irregularities, and safety concerns, leading to a decline in its stock price [1][6]. Allegations of Regulatory Violations - Morpheus Research claims MakeMyTrip continues to enforce "price parity" clauses despite a 2022 order from the Competition Commission of India (CCI) to cease this practice, supported by interviews with 103 industry experts and former employees [2]. - The report mentions an ongoing "hub-and-spoke" cartel investigation by the CCI, with findings expected in early 2026 [3]. Accounting Red Flags and Profit Padding - Concerns regarding financial transparency are raised, particularly a $20 million receivable from the insolvent Go Air, which competitors have written off [4]. - There is a reported $212 million discrepancy between MakeMyTrip's "adjusted" profits and International Financial Reporting Standards (IFRS) figures since 2021 [4]. Market Share Erosion - MakeMyTrip is allegedly losing market share to competitors like Booking.com and Agoda, with its wallet share with Marriott Hotels in India declining from 38% in 2022 to 31% [5]. Safety and Ethics Concerns - The report identifies 113 hotels on MakeMyTrip's platform with reviews indicating women's safety issues [6]. - Allegations include the use of "dark patterns" in web design to mislead users into purchasing mandatory insurance or incurring hidden fees [6].