Flipkart again witnessed markdown of it’s valuation to $5.56Bn. This time, a Fidelity-managed mutual fund has further slashed value of its Flipkart shares by 36.1%, pegging the valuation of India’s most valuable Internet company at $5.56 billion.

As per published in Economics times, Fidelity has marked the value of their Flipkart shares at $52.13 per share as of November 2016, down from $81.55 per share as of August 2016, the fund has disclosed. This is the largest markdown by Fidelity till date and fourth markdown overall.

Flipkart also witnessed a series of markdowns from other mutual fund investors like T Rowe Price, and Valic over the past year.

Flipkart co-founders has said in past that “markdowns are a theoretical exercise and valuation will be determined when it raises a new round of funding.

Also Read: E-Commerce Giant Snapdeal in talks with SoftBank to raise funds at lower valuation

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