American multinational financial services corporation, Morgan Stanley has marked down the value of its shares by 15.5%, the second such devaluation in three months, The Economic Times website reported.

The Morgan Stanley Institutional Fund has valued Flipkart shares at $87.9 per share as of March 2016 as against $103.97 a share in December 2015. Morgan Stanley first had valued the Flipkart shares at $142.24 per share in June 2015, when the Indian e-commerce firm raised $700 million round from investors. This implies Morgan Stanley values Flipkart at $9.39 billion. Flipkart was valued at $15 billion when it received $700 million from Tiger Global Management, Qatar Investment Authority and other investors in June last year.

This latest revaluation follows a series of markdowns by other mutual funds that own Flipkart shares. Two of Flipkart’s mutual fund investors Fidelity and Valic had further marked down the value of their holdings in the company by 20% earlier this month while a T Rowe Price-managed mutual fund had marked down their holdings by 15% last month.

Morgan Stanley had picked up shares in Flipkart as a part of its series D round of funding in 2013, when the Bengaluru-based e-tailer had raised $360 million in two tranches. It had also picked up additional shares when Flipkart raised a massive $1 billion investment in August 2014.

Last week, Flipkart co-founder and CEO Binny Bansal had told ET in an interview that these markdowns are “mostly a theoretical exercise by small investors. From our perspective, valuation is when we raise money. When we raise money, our value will be clear in the market.”

Morgan Stanley’s latest move will likely also affect Flipkart’s plans to raise fresh funds to compete with Amazon, which is set to launch Amazon Prime – the service that helped it conquer the US market. Besides, the homegrown e-commerce major is also likely to see stiff competition from Jack Ma-owned Alibaba, the Chinese giant that is stepping up its business in India.

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