In the earning statement for nine months ended December, SoftBank wrote off 39.28 billion yen in the value of shares in its Indian investments, which include Ola and Snapdeal. A SoftBank spokesperson said the current markdown should not necessarily be seen as a reflection of the performance of the portfolio companies. It had booked an investment loss of 58.14 billion yen (USD 560 million) for the six-month period ending September 30, impacted by appreciation of Japans Yen against the local currency. SoftBank had led a USD 210-million investment in Ola and USD 627 million in Snapdeal in October 2014. Earlier this year, it stated that it is looking to scale up investments to USD 10 billion in next 5-10 years.

Source: India Today February 10, 2017 11:16 UTC