 "Morgan Stanley further marks down Flipkart's valuation by 3% to $5.39 bn")
US-based mutual fund Morgan Stanley marked down the value of its investment in India’s largest e-commerce marketplace, Flipkart, by a further 3% in the quarter that ended December 31.
This was despite Flipkart’s strong comeback during the festive season, when it outperformed rival Amazon by a large margin. The exercise also hurts the company’s ability to woo investors for new funding.
Morgan Stanley valued each of its shares in Flipkart at $50.50 for the three months that ended in December, down from $142.24 a share in June 2015. That reduces the valuation of Flipkart by two-thirds, to $5.39 bn from
