A torrid year for Uber is not getting any better, with a handful of mutual funds slashing their valuation of the startup, some by as much as 15 per cent.
Four funds have marked down their estimates: T Rowe Price, Vanguard, Principal and Hartford, the former by 12 per cent and the latter three by 15 per cent.
The markdowns, first reported by the Wall Street Journal and citing regulatory disclosures, come amid a crucial search to replace founder Travis Kalanick who departed the chief executive chair earlier this year.
Former GE boss Jeff Immelt has been tipped as a frontrunner for the job, but Kalanick is also embrolied in a legal fight with Uber investor Benchmark over his departure and his control of board seats.
But other funds have remained confident in the Marmite-like company. Fidelity has left its valuation unchanged while Blackrock has increased its own by 10 per cent.
Previous reports suggest the price of Uber stock on the secondary market have fallen in recent months with several scandals taking a toll.
Uber's current valuation is estimated to be around the $68bn mark. According to the FT, it is raising a fresh round of funding that would include a sale of shares by existing investors to retain this high figure.
New tech investment giant SoftBank recently confirmed it is considering throwing cash at the startup - or its rival Lyft.