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Flipkart's valuation has been marked down by two more institutional investors, sparking conversations on whether the e-commerce startup was overvalued to begin with. A retirement fund management arm of American insurer AIG, Valic, marked down Flipkart’s value by 29.4% as of February 29, compared with August 31, 2015, according to a regulatory filing with the US Securities and Exchange Commission (SEC). Separately, a fund under Fidelity marked down Flipkart’s value by as much as 39.6% in the same period, according to another SEC filing. The development follows T. Rowe Price and Morgan Stanley knocking down the value of their investment in the firm in the recent past. Although none of them gave a reason for their assessment, the development reveals the stress the e-commerce industry in general, and Flipkart in particular, are going through.

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