Alphabet's returns on Jio IPO may be impacted by the falling rupee; Google is in talks with the EU following a €890M DMA fine.

Alphabet's Google holds a 7.7% stake in Jio Platforms. The planned IPO of Jio Platforms may yield more modest returns for early investors than anticipated. This is due to the prolonged decline of the Indian rupee. Alphabet's annualized return is estimated at 8.2% at the top end of the price band.

The European Commission confirmed it is in dialogue with Google. Discussions concern changes to Google's search result displays and Google Play fees. This follows a €890M fine for non-compliance with the Digital Markets Act. Google has started to implement changes. The final outcome of these discussions remains to be seen.