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This, as the ecommerce company is reportedly looking to raise funds.

The Fidelity fund, which holds 52,096 shares in Flipkart, marked down the company’s shares by 36 percent to US$52.13 per share.

Flipkart investors Fidelity and Valic have cut the startup’s valuation to US$8.7 billion and US$10.2 billion respectively, down from U$15 billion.

As a result of this markdown, the valuation of the companies in the domestic market will slide down as well.

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