Home Latest News Tiger Global Management cuts stake in Amazon by 2/3rd

Tiger Global Management cuts stake in Amazon by 2/3rd


, the largest investor in e-commerce major , has cut its stake in in US-based e-tailer by 67 per cent in the quarter ending March 2016. was the hedge fund’s second largest investment.

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As per regulatory filings, the hedge fund and asset management company has cut its exposure to 1.04 million shares worth $619 million (Rs 4131 crore approx) as of March 31, down from 3.19 million shares worth $2.16 billion (Rs 14,400 crore approx) as of December 31.

The pullout by the Singapore-based hedge fund from Flipkart, however, was not solitary. Tiger Global also cut stake in Chinese e-commerce firm by 25 per cent. It also dissolved its minority stake in Alibaba completely.

Tiger Global took a new stake in ., which provides real estate and mortgage information, valued at about $24 million at the end of the quarter.

Amazon was Tiger Global’s second-largest public holding, after it had picked up 2.44 million shares for about $1 billion in September last year. The hedge fund however lost 22% in the first three months of this year, as Amazon shares dipped by 12% during the period.

Since then, Amazon shares has risen significantly on the back of a strong financial results and record profit in March ended quarter, resulting in the stock touching its all time high price of $720.6 on May 12.

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 per cent in April while Morgan Stanley-backed mutual fund had done so by 27 per cent 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.