The online retailer will discontinue its food and delivery services.
Amazon.com Inc. is scaling back some of its activities in India, demonstrating that the cost-cutting drive is having an impact on even this crucially growing region with its 1.4 billion consumers.
Amazon will, according to the corporation, rely on its core services, which include online shopping, food delivery, and delivery to small companies.
Amazon has had mixed success in India.
The stock decline in India brings to light Amazon’s difficulties in one of the most rapidly expanding e-commerce markets in the world, where it must contend with regulatory obstacles and domestic titans like Reliance Industries Ltd., Tata Group, and Flipkart Walmart Inc.
Amazon has spent billions of dollars over the past ten years on everything from payments to food delivery in India, but it has never been able to match the market dominance it has in the US.