Google fined $2.7 billion for misdirecting its audience.

European Union regulators slapped Google with a record €2.4 billion ($2.7 billion) antitrust fine on Tuesday.

The U.S. tech giant denied "consumers a genuine choice" by using its search engine to unfairly steer them to its own shopping platform but Google (GOOGL, Tech30) said in a statement that it tries to show ads in ways that are helpful for buyers and sellers.

Regulators said that Google must change its behavior within 90 days or face additional penalties for relegating results from rivals to areas where potential buyers were much less likely to click.

They are likely to be fined as much as 10% of its annual sales and also an investigating is to be placed on the company's ad placing service, AdSense.