On the same day, the Academy Awards were given out on this day. More on that here:
Today in World War II History—February 27, 1941
A New Zealand light cruiser engaged an Italian auxiliary cruiser in the Indian ocean. They were not an even match and the result was predictable.
The Italian auxiliary cruiser Ramb I was sunk.
The sinking Ramb I.
The Italians continued to suffer one defeat after another, and earlier this week were pushed out of Mogadishu, Somalia. None the less, the did score some Naval success elsewhere on this February 27, which an be read about below, with other World War Two events of the day: