FILE PHOTO: A signage of Shopee, the e-commerce arm of Southeast Asia's Sea Ltd, is pictured at their office in Singapore, March 5, 2021. REUTERS/Edgar Su
SINGAPORE (Reuters) -Singapore-based e-commerce and gaming firm Sea Ltd said on Monday it is withdrawing from India's retail market just months after beginning operations there, citing "global market uncertainties". The business withdrawal comes weeks after Sea's e-commerce arm, Shopee, said it was pulling out of France and after India banned Sea's popular gaming app "Free Fire".
After the ban, the market value of New York-listed Sea dropped by $16 billion in a single day, leading some investors to cut holdings in it.
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