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 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.Also read: Xiaomi VP Hugo Barra to Join Facebook, Confirms Mark Zuckerberg
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.Also read: Apple Sues Qualcomm, Expands The Fight Over Patent Licensing
Flipkart has undergone a change in top-level management in recent months, something widely interpreted as renewed focus on profit margin over volume growth.
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