SoftbankadmitswrinklesinitsinvestmentintaxihailingAppOla

Japanese finance house and investment group Softbank has signalled a financial write-down in its backing of Indian cab-hailing App Ola.

In an earnings report last week, Softbank revealed a loss of USD 555 million of “financial instruments” stemming from two its huge investments in India in recent years.

It later confirmed these instruments over a six-month period up to September 30 this year to be Fair Value Through Proft or Loss in its deals to back Ola and Snapdeal.