Fidelity marks down Flipkart valuation by over a third

Latest markdown comes at a time when the e-commerce major witnessed a turnaround in its fortunes

US-based mutual fund Fidelity has marked down the value of e-commerce firm Flipkart to $5.58 billion in the quarter ended November, despite the company’s strong performance against rival Amazon in the recent festive season.

Fidelity’s markdown of 36 per cent follows the one by peer Morgan Stanley, which trimmed the value of its shares in Flipkart by 38 per cent. The consecutive quarter-on-quarter markdowns in Flipkart’s value come when it is looking to raise fresh funds.

In a filing with the US Securities and Exchange Commission, Fidelity valued its holding in Flipkart at $52.13 per share for the three months