Education: CS (NIT)
Years of Experience: 2
Prior Experience: SE at a product based company
Date of the Offer: Aug 2021
Company: Flipkart
Title/Level: SDE-1
Location: Bangalore
Salary: 20 LPA
Relocation: NA
Signing Bonus: NA
Stock bonus: 6.5 LPA
Bonus: Performance-based bonus up to 10% of salary every year
Total comp (Salary + Bonus + Stock): ~22LPA
Other details: Negotiated once, increased base from 18 to 20

Date of the Offer: Aug, 2021
Company: Morgan Stanley
Title/Level: Senior Associate
Location: Bangalore
Salary: 22.6 LPA (base)
Relocation: 2.5 L
Signing Bonus: 1 L
Stock bonus: NA
Bonus: Performance-based bonus up to 10% of salary every year
Total comp (Salary + Bonus + Stock): 26 LPA (approx)

Please help what should I join? I think flipkart is lowballing the offer, as I don't think I will be eligible for increment this year as compared to MS.

Thanks in advance!!