Tiger Global cuts Amazon stake |
Tiger Global Management, which is the largest investor in e-commerce major Flipkart , has reduced its stake in US rival Amazon by nearly 67% in the March ended-quarter. The hedge fund has cut its exposure to 1.04 million shares worth $619 million as of March 31, down from 3.19 million shares worth $2.16 billion as of December 31, as per regulatory filings. The fund also reduced its stake in Chinese e-tailer JD.com by nearly 25% and entirely dissolved its minority stake in Alibaba . 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.Amazon India, Flipkart and Snapdeal are currently locked in a battle for market leadership in the burgeoning e-commerce sector and all three have aggressively spent billions of dollars on marketing, strengthening their supply chains and acquiring customers with predatory discounts.
|
|
|
|