File photo of Jeff Bezos, founder and CEO of U.S.-based Amazon.com, as he poses on a truck after handing over a two billion dollar check to Indian vice president and country manager of Amazon.in, Amit Agarwal (unseen) in Bangalore on September 28, 2014. The investment went towards raising the bar for online shopping in India. (Manjunath Kiran | AFP | Getty Images)

Tiger Global Management, the largest investor in Indian e-commerce giant Flipkart, has reduced its stake in U.S. rival Amazon by about two-thirds in the January-March 2016 quarter. (@Siliconeer, #Siliconeer, #Amazon, #Flipkart, #JeffBezos, #BinnyBansal, #IndiaInternetShopping, #VCnews, #Funding, #TigerGlobalManagement)

NEW YORK, May 17 (PTI) – The hedge fund has cut its exposure to 1.04 million shares worth over USD 618 million as of March 31, 2016, from 3.19 million shares worth USD 2.16 billion in the December quarter, according to a filing at the U.S. SEC.

The fund also entirely dissolved its stake in Alibaba Group Holding.

Besides, it has brought down its stake in Chinese e-tailer JD.com (by about 25%) and Apple (over 46%).

File photo of Binny Bansal, Chief Operating Officer and co-founder of Flipkart, as he speaks during the launch of Flipkart's largest fulfillment center on the outskirts of Hyderabad, October 30, 2015. Flipkart is India's leading e-commerce marketplace offering over 30 million products across 70 plus categories including books, media, consumer electronics and lifestyle. (Noah Seelam | AFP | Getty Images)
File photo of Binny Bansal, Chief Operating Officer and co-founder of Flipkart, as he speaks during the launch of Flipkart’s largest fulfillment center on the outskirts of Hyderabad, October 30, 2015. Flipkart is India’s leading e-commerce marketplace offering over 30 million products across 70 plus categories including books, media, consumer electronics and lifestyle. (Noah Seelam | AFP | Getty Images)

Tiger Global has taken stake in Zillow Group, which provides real estate and mortgage information, valued at about $23.6 million at the end of the quarter.

Over the past few months, Flipkart has also faced a series of markdowns from its investors.

A T. Rowe Price-managed mutual fund had marked it down by 15% in April while Morgan Stanley-backed mutual fund had done so by 27% in February, according to reports.

Amazon India, Flipkart and Snapdeal are currently locked in a battle for market leadership in the burgeoning Indian e-commerce sector.

The three firms have been aggressively spending billions of dollars on marketing, strengthening their supply chains and acquiring customers with predatory discounts.