Fairfax India net loss widens as Covid-19 impacts mkt price of investments

The loss of $253 million was partially offset by recovery of a previously accrued performance fee of $47.1 million

Prem Watsa-led Fairfax India Holdings Corporation has said it has incurred a net loss of $253.8 million in the first quarter of 2020, compared to a net loss of $52.6 million in the first quarter of 2019, reflecting net unrealised losses on investments of about $274.3 million. The loss, mainly due to the decline in market prices of the companies it has invested in India amid Covid-19, was partially offset by recovery of a previously accrued performance fee of $47.1 million. 

The company also recorded unrealised foreign exchange losses of $165.4 million due to the weakening of the rupee against