There is more not-so-encouraging news from Flipkart after the big layoff this morning. And this time, it is another markdown in its valuation. But this time, it is also accompanied by a rare occurrence- a markup by another firm.

T Rowe Price Marked down its valuation in Flipkart by 20% to $96.29 per share at a valuation of $10.3 billion. However, Fidelity marked up its share by 3% to $84.29 per share, marginally increasing the valuation from $8.8 billion to $9 billion.

According to a report in the ET, both mutual funds revealed this information in their quarterly filings of June to their investors and US markets regulator SEC. Just at the beginning of this month, US-based Vanguard Investment had brought down its share value in Flipkart by 25%.

Notably, T Rowe Price also had earlier marked down its shares in Flipkart by 15% in April this year. Later in May, Fidelity also slashed its share value by 20% in Flipkart.

Markdowns, along with employee exits and restructuring, have formed major headlines for the Indian e-commerce behemoth this year. In addition to above firms, a Morgan Stanley managed fund marked down Flipkart twice- first by 27% in February and then 15.5% in May.

Nearly all these markdowns have pegged the valuation of Flipkart in the vicinity of $10 billion. And this has put a serious question to the $15 billion valuation at which Flipkart raised its last funding round. Last year in July, the company had raised $700 million at that mind-boggling valuation.

And according to various reports, the company wants to raise fresh funds at that valuation only instead of going for a down round given its current situation. The new CEO Binny Bansal had also called these markdowns mostly a theoretical exercise by investors. He had maintained that the valuation would only come into play when they would raise fresh funds.

But apparently, for now, the company is showing no signs that it is looking to raise funds. On the contrary, it recently bought fashion retailer Jabong through Myntra. It is also planning to invest over $100 million for building an independent payments business.

The company is also working towards cutting costs, restructuring, increasing efficiency, and achieving profitability. It recently modified its hiring and procurement strategy and unified departments towards the same objectives.