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Tiger Global cuts stake in Amazon by 67%
18
May '16
Hedge fund Tiger Global Management, which is the largest investor in India's biggest e-commerce company Flipkart, has reduced its stake in American rival Amazon by nearly 67 per cent in the March ended-quarter, ETRetail.com has reported.

Tiger Global 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.

It has also reduced its stake in Chinese e-tailer JD.com by nearly 25 per cent 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. However, the hedge fund lost 22 per cent in the first three months of this year, as Amazon shares dipped by 12 per cent during the period.

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

Tiger Global which manages $20 billion in assets, deploys capital through two business - private equity and public equity funds. Amazon's investment was through the latter fund while the Flipkart investment was through the former. (SH)

Fibre2Fashion News Desk – India

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