Morgan Stanley marks down Flipkart valuation to $5.37bn

In a fifth-consecutive markdown for India's largest e-commerce startup Flipkart, a mutual fund managed by Morgan Stanley has marked the value of their Flipkart shares at $50.51 per share as of December 2016. This is down 3.1 percent from $52.13 per share as of September 2016, and a 64.5 percent decline from $142.24 per share as of June 2015, according to the filings made by the fund.

Though it's a small markdown compared to the one that happened last September, the new valuation of Flipkart stands at $5.37 billion.

While Flipkart has always brushed off markdowns as mere "theoretical exercises" these developments are coming at a time when the startup has been on a lookout for fresh funding.

The company reportedly has been in talks with eBay for quite some time after its discussions with Walmart for a possible investment failed to materialise. Media reports suggest that the Bangalore-based e-tailer is also in fundraising talks with Microsoft, Paypal and Tencent at a similar valuation.

Last month, Flipkart appointed Tiger Global exec Kalyan Krishnamurthy as CEO replacing co-founder Binny Bansal who was moved to a new position as group CEO.