REUTERS: Private equity firm Tiger Global Management has cut its valuation of e-cigaratte maker Juul Labs Inc by half to US$19 billion, the Wall Street Journal reported on Monday.
The writedown of Juul, in which Altria Group Inc has a 35per cent stake, came at the end of September, the Journal reported, citing people familiar with the matter.
Altria took a US$4.5 billion hit from its investment in Juul in October, with its valuation shrinking by more than a third to roughly US$24 billion.
Both Tiger Global and Juul were not immediately available for comment.
(Reporting by Praveen Paramasivam in Bengaluru; Editing by Maju Samuel)