Trainline shares fell as much as 14.2% on Wednesday after the UK’s Competition and Markets Authority (CMA) opened a formal investigation into alleged drip pricing practices on its platform.
The watchdog’s probe focuses on whether Trainline separated mandatory booking fees from headline fares, failing to display them upfront during the purchase of advance train and coach tickets. The CMA cited additional fees ranging from 50p to £2.79, including a £1.50 booking fee for coach journeys.
The investigation is being conducted under the Digital Markets, Competition and Consumers Act 2024, which grants the CMA authority to directly determine breaches of consumer law and impose penalties without court proceedings. The regulator has previously fined AA and BSM driving schools £4.2 million for similar drip pricing practices, ordering £760,000 in refunds to affected customers.
Trainline’s stock opened at 218.4p, surged to an intraday high of 228.4p, then plummeted to a session low of 201.8p before recovering to trade at 208.98p, down 14.0% from Tuesday’s close. The shares had previously touched a 52-week low of 178p.
A company spokesman said Trainline remains committed to transparency, noting it has engaged with the CMA for months and is implementing changes to improve fee disclosure. The broader UK equity market, as measured by the FTSE 100, traded essentially flat on the day.
