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 [IPO-FLPK.N]
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.
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