Fidelity may shut shop in India

Indian financial markets are abuzz with speculations about Fidelity trying to sell its India business. The Economic Times reported that spiralling “losses and years of underperformance” led the mutual fund giant to consider liquidating its business in India.

Fidelity has appointed multinational investment banking firm JPMorgan to find a buyer for the business that oversees assets worth 88 billion rupees, it said.

Some industry experts in India, however, believe that Fidelity’s Indian unit has accumulated losses of 3.06 billion rupees, which may work against a high valuation.