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]. 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 suggests an ongoing "hub-and-spoke" cartel investigation by the CCI, with findings expected in early 2026 [3]. Accounting Concerns - The report raises issues regarding MakeMyTrip's financial transparency, highlighting a $20 million receivable from the insolvent Go Air, which competitors have written off [4]. - There is a noted $212 million discrepancy between the company's "adjusted" profits and International Financial Reporting Standards (IFRS) figures since 2021 [4]. Market Share Erosion - Despite claims from CEO Rajesh Magow that the company only "theoretically" competes, Morpheus alleges that MakeMyTrip is losing market share to competitors like Booking.com and Agoda [5]. - The company's wallet share with Marriott Hotels in India has decreased from 38% in 2022 to 31% currently [5]. Safety and Ethical Issues - The report identifies 113 hotels on MakeMyTrip's platform with reviews indicating women's safety concerns [6]. - Allegations include the use of "dark patterns" in web design to mislead users into purchasing "mandatory" insurance or incurring hidden "convenience fees" at checkout [6].