Dear Apple Stock Fans, Mark Your Calendars for January 27

Apple (AAPL) is facing some headwinds in India after the nation’s antitrust watchdog warned that it will go ahead with enforcement action if Apple delays its response any longer. According to the Competition Commission of India (CCI), Apple has not responded to the commission’s questioning for over a year. This could force the regulator to move on with unilateral action against the iPhone maker.

The case carries a high risk for Apple, which could face up to $38 billion in fines if regulators apply global turnover as the basis for its penalty calculation. However, Apple has not only denied any wrongdoing, but has also challenged the legality of this penalty framework in court. The company's challenge is due to be heard by an Indian court on Jan. 27.