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U.S.-based Fidelity marks down value of India's e-commerce giant Flipkart

Reuters

MUMBAI (Reuters) - U.S.-based mutual fund company Fidelity Investments has marked down the value of its holding in Indian e-commerce firm Flipkart Online Services Pvt Ltd by around 36 percent.

Two mutual funds run by Fidelity logged the price of its holding as $52.13 per share as of Nov. 30, from $81.55 at the end of August, according to a filing with the U.S. Securities and Exchange Commission dated Jan. 24.

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.

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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)