Tiger Global Management, the largest investor in Indian e-commerce giant Flipkart, has reduced its stake in US rival Amazon by about two-third in the January-March 2016 quarter.
The hedge fund has cut its exposure to 1.04 million shares worth over $618 million as of March 31, 2016, from 3.19 million shares worth $2.16 billion in the December quarter, according to a filing at the US SEC.
The fund also entirely dissolved its stake in Alibaba Group Holding. Besides, it has brought down its stake in Chinese e-tailer JD.com (by about 25%) and Apple (over 46%).
Tiger Global has taken stake in Zillow Group, which provides real estate and mortgage information, valued at about $23.6 million at the end of the quarter.
Over the past few months, Flipkart has also faced a series of markdowns from its investors. A T Rowe Price-managed mutual fund had marked it down by 15% in April while Morgan Stanley-backed mutual fund had done so by 27% in February, according to reports.
Amazon India, Flipkart and Snapdeal are currently locked in a battle for market leadership in the burgeoning Indian e-commerce sector.
The three firms have been aggressively spending billions of dollars on marketing, strengthening their supply chains and acquiring customers with predatory discounts.
By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.
Amazon India halts order placement of low-priority items, focus on delivering essential products
Amazon announces Great Indian Festival - Diwali Special sale from Oct 21; Great deals for prime members 
'Amazon Fresh' launched with 2 hour delivery service
Amazon Prime Day Sale 2019: Know the best smartphone deals
Enjoy Amazon Prime Day Celebration with Virtual Reality Experience Zones at these malls