SoftBank writes off $475-million investment in Ola, Snapdeal

Japanese investor SoftBank has written off around $475 million (Rs 3,226 crore) in the value of its combined shareholding in Ola and Snapdeal, its two largest investments in the country, in the nine months till December 31. It reported a loss of 39,281 million yen in the value of the company’s investments, primarily in India, on Wednesday. The loss reported was despite foreign exchange gains of 16,133 million yen. “Gain or loss arising from financial instruments at FVTPL (fair value through profit or loss) comprises mainly changes in the fair value of preferred stock investment including embedded derivatives, such as