The move comes after the other major mutual fund shareholder, Morgan Stanley , slashed valuation more aggressively by 38 per cent to $5.6 billion in November.
The latest move pegs Flipkart’s valuation per share at $93.15 at the end of December quarter, from $96.29 during the September quarter.
T Rowe Price had first invested in the Bengaluru-based in December 2014, when the e-tailer announced a $700 million round of funding which also participation from sovereign wealth fund Qatar Investment Authority and Hong Kong-based hedge fund Steadview Capital.
T Rowe marked the value of its Flipkart shares at $120.69 per unit, according to its filings made for March quarter, as compared to the value of $142.26 assigned to them at the end of December 2015.
The markdown had pegged Flipkart’s valuation close to $13 billion, as compared to the $15.2 billion when it last raised capital in July 2015.