Softbank Writes Down $555 Million As Losses In Ola And Snapdeal

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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

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Sweekar S

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