Now, Penn cuts down Flipkart valuationhttps://indianexpress.com/article/business/companies/now-penn-cuts-down-flipkart-valuation-4562730/

Now, Penn cuts down Flipkart valuation

Penn reduced the value of each share to $93.15 per share in the December quarter of 2016, as against $142.24 per share in the corresponding quarter of previous year.

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Flipkart packages (File Photo)

Penn Series Funds, part of the 170-year-old Penn Mutual Life Insurance Company, has joined the likes of Morgan Stanley and Optimum Fund in marking down the value of shares in Flipkart. For the quarter ended December 2016, the Pennsylvania-based Penn has reduced the value of Flipkart shares by 34.51 per cent on a year-on-year basis.

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Penn reduced the value of each share to $93.15 per share in the December quarter of 2016, as against $142.24 per share in the corresponding quarter of previous year. However, on a sequential quarter basis, the value of shares went down by 3.25 per cent from $96.2 a share in the September quarter of 2016.

At present, Penn holds 7,206 shares in the company valued at $6,71,238, according to the mutual fund’s latest filings with US market regulator, SEC. This indicates the company’s valuation at around $9.9 billion.