India's first unicorn, Flipkart saw its sixth consecutive markdown by a mutual fund managed by Morgan Stanley. The fund which currently holds 5,66,827 shares in the e-commerce company, has reduced the value of its stake by as much as 67 percent, from its highest point of $142.24 per share in the quarter-ended June 2015.
The latest figure for the December-ended quarter has been pegged at $50.51 per share, as per the fund's filing with the U.S. Securities and Exchange Commission (SEC).
This markdown comes at a time when Flipkart is reportedly in talks to raise fresh funds.
Flipkart's current valuation after the latest markdown stands at $5.37 billion.
The company's valuation when it last raised capital in July 2015 was $15.2 billion.
It is not just Morgan Stanley which has marked down the valuation of ‘India's most valuable e-commerce company'. American asset management firm T Rowe Price, Fidelity Mutual fund, Vanguard Group, and Valic Co. have lowered the value of their holding in Flipkart at least once in the past 12 months.
Fidelity Mutual Fund had pared its valuation of Flipkart by 36 percent to $5.57 billion in its November-end quarter.
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