January 27, 2017 / 6:25 AM / 3 years ago

U.S.-based Fidelity marks down value of India's e-commerce giant Flipkart

The logo of India's largest online marketplace Flipkart is seen on a building in Bengaluru, India, April 22, 2015. REUTERS/Abhishek N. Chinnappa/File Photo

MUMBAI (Reuters) - U.S.-based mutual fund company Fidelity Investments has marked down the value of its holding in Indian e-commerce firm Flipkart Online Services Pvt Ltd by around 36 percent.

Two mutual funds run by Fidelity logged the price of its holding as $52.13 per share as of Nov. 30, from $81.55 at the end of August, according to a filing with the U.S. Securities and Exchange Commission dated Jan. 24.

That would value Flipkart at $5.58 billion, as per the available record of outstanding shares, Mint newspaper reported.

Fidelity did not respond to a Reuters request for comment. Flipkart declined to comment.

The mark down comes as Flipkart faces increasing competition from Amazon.com Inc’s Amazon India. It follows a string of similar moves by mutual funds and investors in the last year, local media have reported.

Flipkart has undergone change in top-level management in recent months, something widely interpreted as renewed focus on profit margin over volume growth.

Reporting by Promit Mukherjee

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below