After consecutive markdowns by investors, homegrown e-commerce giant Flipkart has been subject to yet another markdown, this time by a mutual fund managed by Morgan Stanley.

According to latest regulatory filings, Morgan Stanley, has slashed the value of its Flipkart shares by another 38.2%, pegging each share at $52.13, valuing Flipkart at $5.54 billion; its lowest valuation in years.

This year has seen several other markdowns for Flipkart by a slew of mutual fund investors, affecting the nine-year-old company’s fund raise plans, as it struggles to retain its dominance in the Indian e-commerce market.


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