Earlier this month, Chinese e-commerce giant Alibaba Group's Jack Ma announced his plans of entering India to build businesses organically. The company is presently evaluating all opportunities to do so or any other avenue that may come along.
However, Flipkart CEO Sachin Bansal took to Twitter on Friday evening, slamming Alibaba and its India investments. He tweeted, "Alibaba deciding to start operations directly shows how badly their Indian investments have done so far."
The comment was looked upon as a direct hit from Bansal to Snapdeal's Kunal Bahl, who also tweeted, "Didn't Morgan Stanley just flush five billion worth market cap in Flipkart down the flush? Focus on your business not commentary."
In Feb, a mutual fund managed by Morgan Stanley has marked down the value of Flipkart's shares by 27 percent, indicating that global investors believe India's largest internet company is overvalued.
Flipkart had said that it is valued at $15.2 billion then. A 27 percent fall in Flipkart's share price would imply Flipkart's valuation came down to $11 billion.
Alibaba invested more than $500 million for a 40 percent stake in One97 Communications, which runs Paytm, a wallet and ecommerce company, while Snapdeal raised $500 million from a clutch of investors including Alibaba last year.