Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
Japanese investor Softbank Group has written down about $555 million as losses in the two companies, a cab hailing company Ola and Snapdeal.
Softbank in its report stated a loss of ¥58.1 billion from financial instruments for the six-month period ending 30 September 2016 compared to a gain of ¥112.6 billion in the year-ago period.
“Gain or loss arising from financial instruments at FVTPL (fair value through profit or loss) comprises mainly changes in fair value of preferred stock investment including embedded derivatives, such as ANI Technologies Pvt. Ltd and Jasper Infotech Private Limited in India, designated as financial assets at FVTPL,” the company said, explaining the loss during the six-month period. Read more