Tiger Global Management, the largest investor in Indian e-commerce giant Flipkart, has reduced its stake in US rival Amazon by about two-third in the January-March 2016 quarter.The hedge fund has cut its exposure to 1.04 million shares worth over $618 million as of March 31, 2016, from 3.19 million shares worth $2.16 billion in the December quarter, according to a filing at the US 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 per cent) and Apple (over 46 per cent). 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 per cent in April while Morgan Stanley-backed mutual fund had done so by 27 per cent 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.