flipkartA mutual fund managed by US-based investment firm Vanguard Group has marked down the value of its stake in Flipkart.

Vanguard has marked the value of their Flipkart shares at $102.6 as of March 2016, down from $136.87 as of December 2015. At this price, the overall valuation of Flipkart would be around $11 billion. Vanguard’s value of its shares in Flipkart is $6 million, according to fund disclosed to US Securities and Exchange Commission (SEC) last month.

This is the sixth mark down for the largest e-commerce marketplace of the country in as many months. Morgan Stanley marked down its investments twice, while T Rowe Price, Fidelity and Valic have also marked down their investments in the e-commerce company.

Morgan Stanley had marked down its holdings by 15.5% in May, after marking it down by 27% in February this year. In April, American mutual fund T Rowe Price knocked down the holding value of its investment in Flipkart by 15.1%. In early May, US mutual funds Fidelity Rutland Square Trust II and Valic Co. reduced the value of their holdings in Flipkart by 40% and 29%, respectively.

“Overall, these are financial cycles that happen in the whole world. I think the internet sector itself is going through a down cycle, but as the positive cycles don’t last forever, the down cycles also don’t last forever,” said Sachin Bansal, chairman, Flipkart.

Flipkart co-founder and CEO Binny Bansal had earlier 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.”

The markdowns come at a time when Flipkart is reportedly trying to raise more funds to maintain its leadership position in India against rival Amazon.

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