U.S.-based Fidelity marks down value of Flipkart | Reuters

MUMBAI U.S.-based mutual fund Fidelity Rutland Square Trust II 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.Fidelity, in a filing with the U.S. Securities and Exchange Commission dated Jan. 24, logged the price of its holding as $52.13 per share as of Nov. 30, from $81.55 at the end of August.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)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Published Date: Jan 26, 2017 14:41 PM | Updated Date: Jan 26, 2017 14:41 PM

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