India's Flipkart Sees Value Cut 27 Percent Amid Startup Shakeout

Morgan Stanley Institutional Fund Trust discloses in filing
E-commerce company had been valued at more than $15 billion

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By Vrishti Beniwal and Adi Narayan

February 28, 2016 at 11:35 PM UTC

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Indian e-commerce company Flipkart Pvt., one of Asia’s most valuable startups, had its valuation slashed by a Morgan Stanley fund amid concerns of a shakeout among venture-backed companies.

Morgan Stanley Institutional Fund Trust valued its 566,827 shares in Flipkart at $58.9 million as of Dec. 31, down from $80.6 million in June, according to a filing with the U.S. Securities & Exchange Commission. Morgan Stanley didn’t explain the reasons for the markdown in the filing.