Flipkart Biggest Investor Tiger Global Cuts Stake in Amazon by 67%

Amazon India and Flipkart are currently locked in a battle for market leadership in the Indian e-commerce sector.

Over the past few months, Flipkart has also faced a series of markdowns from its investors. (Photo: iStockphoto)

• Tiger Global, the biggest investor in Indian e-commerce giant Flipkart, has reduced its stake in rival Amazon by 67 percent in the January-March 2016 quarter. Amazon India, Flipkart and Snapdeal are currently locked in a battle for market leadership in the burgeoning Indian e-commerce sector.
  
  
• The hedge fund has cut its exposure to 1.04 million shares worth over $618 million as of 31 March 2016, from 3.19 million shares worth $2.16 billion in the December quarter, according to a filing at the US SEC.
  
  
• Over the past few months, Flipkart has also faced a series of markdowns from its investors. An AT Rowe Price-managed mutual fund had marked it down by 15 percent in April while a Morgan Stanley-backed mutual fund had done so by 27 percent in February, according to reports.