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Business News » Small Business News

Morgan Stanley trims its Flipkart valuation once again

Morgan Stanley Institutional Fund Trust – a mutual fund arm of Morgan Stanley, in a US Securities and Exchange Commission (SEC) filing said that it has revised value of its each share in Flipkart Online Services at $50.51 per share as of December 2016, down 3.10% from $52.13 per share of September 2016.

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Morgan Stanley trims its Flipkart valuation once again
Morgan Stanley makes the sixth revision in value of its each share in Flipkart. Photo: Reuters
Written By: ZeeBiz WebTeam
Updated: Tue, Feb 28, 2017
03:27 pm
Mumbai, ZeeBiz WebDesk
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Morgan Stanley has once again cut valuation of its stock holding in India's most valuable e-commerce firm Flipkart.

Morgan Stanley Institutional Fund Trust – a mutual fund arm of Morgan Stanley, in a US Securities and Exchange Commission (SEC) filing said that it has revised value of its each share in Flipkart Online Services at $50.51 per share as of December 2016, down 3.10% from $52.13 per share of September 2016.

With this revision, Flipkart's valuation is now pegged at $5.37 billion. 

This would be the sixth time in two years where Flipkart's valuation has been trimmed by Morgan Stanley.

A major revision was made in the month of November 2016, where Morgan Stanley lowered the value of its shareholding in Flipkart by 38% to $52.13 per share against $ 84.29 per share in the previous quarter.

Morgan Stanley's mutual fund arm invested in Flipkart during its Series D round and presently holds 566,827 shares in the online retailer.

Flipkart has been trying to raise fresh money from new investors but existing ones are busy slashing valuation of their holding in the company. 

On January 20, 2017, T Rowe cut its stockholding valuation in Flipkart's by 4%.

Few days later on January 25, 2017,  Fidelity Investment slashed value of its shareholding in Flipkart by 36.1%, reducing Flipkart's total valuation to $5.56 billion.

Recently, Flipkart named Kalyan Krishnamurthy  as the new chief executive office and moved cofounder Binny Bansal to a new position as group CEO. 

Flipkart also plans to hit the market to raise a new, large round of funds in the range of $500 million to $1 billion before the end of the year 2017.
 

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TAGS:
FlipkartMorgan Stanleymorgan stanley revises Flipkart's valuationFlipkarts valuationSecurities and Exchange CommissionMorgan Stanley Institutional Fund TrustE-commerceFidelity InvestmentsT RoweKalyan KrishnamurthyFlipkart to raise funds
RELATED NEWS
Hurry! Flipkart Mobile Bonanza sale: Get best deals on iPhone 11, iPhone SE, Samsung Galaxy S20+, Poco M2 Pro and more Hurry! Flipkart Mobile Bonanza sale: Get best deals on iPhone 11, iPhone SE, Samsung Galaxy S20+, Poco M2 Pro and more
Amazon Great Republic Day Sale and Flipkart Big Saving Days Sale | Big discounts on iPhone 12 mini, iPhone 11, Samsung Galaxy F41, Redmi 9 Power, Samsung Galaxy M51 Amazon Great Republic Day Sale and Flipkart Big Saving Days Sale | Big discounts on iPhone 12 mini, iPhone 11, Samsung Galaxy F41, Redmi 9 Power, Samsung Galaxy M51
Big offer! You can buy Bluetooth earbuds for just Re 1 - Here is how to get it on Flipkart Big offer! You can buy Bluetooth earbuds for just Re 1 - Here is how to get it on Flipkart
Have SBI card? Tomorrow is last day to avail this 10 per cent discount Have SBI card? Tomorrow is last day to avail this 10 per cent discount
What is Flipkart’s '2GUD Local'? How will it help the traditional retail business? What is Flipkart’s '2GUD Local'? How will it help the traditional retail business?

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