Morgan Stanley marks down Flipkart shares value by 27%

Morgan Stanley has marked down the value of Flipkart's shares by 27% to signal the global investors, who believe India's largest e-commerce company is overvalued.

The markdown comes even as mutual funds slash the value of some of Silicon Valley's most high-profile startups like messaging app Snapchat and data-analysis company Palantir Technologies Inc.

Earlier, Flipkart had reported its valuation at $15.2 billion (Rs 1.04 lakh crore). A 27% fall in Flipkart's share price would imply Flipkart's valuation now to be around $11 billion (Rs 75,603 crore).

Morgan Stanley in its regulatory filings with SEC (US Securities and Exchange Commission) reported that it had valued Flipkart stake at $58.93 million (Rs 405.03 crore) in December 2015, as compared to $80.62 million (Rs 567.84 crore) in June 2015.

Founded by Sachin Bansal and Binny Bansal, Flipkart is aiming to sells goods worth $12 billion (Rs 82,476 crore) in the year to March 2016.

Flipkart's other key shareholders are New York-based investment firm Tiger Global Management, South African media giant Naspers among others.

The mark down by Morgan Stanley comes at a time when Flipkart has been in talks with investors to raise its funding.