MUMBAI—A Morgan Stanley Investment Management Fund has slashed the valuation of its holding in India’s leading e-commerce firm Flipkart Internet Pvt. by 38%, as the startup faces increased competition from U.S. rival Amazon.com Inc. and others.
In a filing this week to the U.S. Securities and Exchange Commission for the quarter ended Sept. 30, the fund called the Morgan Stanley Select Dimensions Investment Series said it held 1,969 shares in the company, which it valued at $102,644, or $52.13 a share.
For the quarter ended June 30, the company reported it had the same number of shares, but valued them at $165,967, or $84.29 a share
In a statement, a Flipkart spokeswoman said the Morgan Stanley fund’s markdown was a “purely theoretical exercise” that is “not based on any real transactions.”
The spokeswoman said Flipkart is “seeing a strong traction in our business momentum and operating performance.”
Click here to continue reading.
Follow Arabian Post
Select Arabian Post as your preferred source on Google and MSN News for trusted business news and Arab politics and updates.
