Funding slowdown: Morgan Stanley cuts Flipkart valuation, marks down value in share by 15.5 per cent
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As of March 2016, Morgan Stanley has marked
This is the second time when Morgan Stanley marked down the Flipkart share.
Meanwhile, Flipkart's two mutual fund investors Fidelity and Valic also marked down the value of their holdings in the company by 20% earlier this month while a T Rowe Price-managed mutual fund had marked down their holdings by 15% last month.
Recently, Flipkart co-founder and CEO Binny Bansal said the markdowns were mostly a theoretical exercise by small investors.
Reportedly, the funding crunch has led to markdowns.
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"The way I think about it is we need to keep our business interests ahead of everything else. We need to make sure the business is well capitalized and it is growing at a healthy pace. In long term, all these things wouldn't matter. I would therefore keep my head down and keep executing. If the business needs funds, raise the minimum possible at the available terms and move on" Bansal told ET.
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