After Morgan Stanley, T Rowe Price has marked down Flipkart’s shares by 15%.

According to its filings made for March quarter, T Rowe has marked the value of its Flipkart shares at $120.69 per unit. With this Flipkart’s valuation will now be $13 billion while its valauation was $15 billion during the last fundraise in July 2015.

T Rowe Price had invested $700 million, in the e-commerce giant in December 2014.

“The first quarter was an extremely volatile period for global equity markets. In determining fair values for our private investments, we continued to follow our long-established process of considering a variety of company-specific and market-based factors,” said a spokesman for T. Rowe Price to Nasdaq.

Reportedly, Flipkart has been facing challenges with fundraising and is also curbing its expenses as it plans to ensure sustainability.

T Rowe has also marked down Uber’s shares by 6%.