Flipkart valuation slashed to $5.54 bn by Morgan Stanley

Morgan Stanley has marked down the value of its shares in Flipkart by 38%, slashing the e-commerce major's valuation to $5.54 billion. This is the fourth consecutive markdown by Morgan Stanley in nine months, one of Flipkart's biggest mutual fund investors. Flipkart was valued at $9 billion in the last quarter and $15.2 billion in July 2015.