Fidelity Investments Slashes Flipkart’s Valuation to $5.56Bn

After a string of successive markdowns, Flipkart has received another setback, this time from US-based mutual fund giant Fidelity Investments. The company has slashed the value of its Flipkart shares by 36.1%, pegging the valuation of the e-commerce giant at $5.56 billion.
In November last year, mutual fund investors Morgan Stanley had also marked the value of their Flipkart shares at $52.13 per share in the September 2016 quarter.
The timing of the latest markdown comes at a time when Flipkart is facing a massive top-level exit and an organizational overhaul.