Morgan Stanley Marks Down Flipkart By 27%February 27, 2016 2016-02-27 13:41
Morgan Stanley Marks Down Flipkart By 27%
Morgan Stanley, which is one of Flipkart investors has marked down Flipkart’s share value by 27%. Flipkart was earlier valued at $142.24 per share as of June 2015 and stands at $103.97 on Dec’15.
Flipkart is facing stiff competition from Amazon and Snapdeal and the focus now is on growing a few categories like electronics (they shutdown the grocery business).
With cofounder Binny being the new CEO, this is going to be a defining moment for the company as the funding environment is slowing down and importantly, Amazon is heating up the market.
Recently, Mukesh Bansal and a few others (CBO) had quit Flipkart.