"Under competition regulations, an entity found violating the norms could be slapped with penalty of up to 10% of its three-year annual average turnover" Surely

"Under competition regulations, an entity found violating the norms could be slapped with penalty of up to 10% of its three-year annual average turnover" Surely they don't mean their annual GLOBAL turnover, but only that in India? $5B just for their activity in India looks largely overstated to me.