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

 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)

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Updated Date: Jan 26, 2017 14:41:17 IST