Morgan Stanley Institutional Fund Trust, one of the mutual fund investors in Flipkart, has marked down its estimate of the company’s valuation for the third consecutive time in the past six months.

Morgan Stanley values its Flipkart holdings at $84.3 a share as of 30 June, some 4% lower from the preceding quarter, according to a filing with the US Securities and Exchange Commission. Morgan Stanley valued Flipkart shares at $142.2 a share as of June 2015, filing show. Flipkart had last raised a financing round in the middle of last year when it bagged a valuation of $15 billion.

Morgan Stanley’s markdown implies that it estimates Flipkart is now valued at around $9 billion.

The Economic Times reported the news earlier.

The mutual fund investor had cut the value of its Flipkart’s holdings by 15.5% (sequentially) at the end of the quarter ended 31 March and by 27% (sequentially) at the end of the quarter ended 31 December.

Flipkart didn’t immediately respond to an email seeking comment.

Flipkart’s markdown is part of a bigger trend among technology start-ups. Investors in the US have marked down valuations of start-ups such as Uber, Snapchat, Dropbox and others because of concerns over losses, slowdown in sales growth and other reasons.

Apart from Morgan Stanley, four other mutual fund investors have also marked down Flipkart’s valuation this year.

Flipkart is battling slowing sales growth that have led to market share losses to arch-rival Amazon India. The company is also under pressure to cut losses, which are estimated to have increased significantly last year.

Flipkart Ltd has disbursed Rs.125 crore of loans to more than 800 merchants on its platform as the online marketplace seeks to expand its seller base.

Flipkart launched the Growth Capital programme, under which its offers collateral-free loans at 11.4% to merchants via partnerships with eight financial institutions, in July 2015.

The scheme has seen maximum adoption among merchants selling mobile phones, other electronics and fashion products, Flipkart said in a statement on Thursday. These categories account for a significant majority of its overall sales.