The CEO of the Indian e-commerce giant that Walmart bought a $16 billion stake in has resigned amid an allegation of personal misconduct (WMT)

Binny BansalAP

  • Flipkart Group CEO Binny Bansal has resigned following an allegation of “serious personal misconduct,” according to a press release.
  • The release did not elaborate on the allegation but said Bansal “strongly denies” it.
  • An independent study did not corroborate the allegation but found Bansal made lapses in judgment, according to the release.
  • In May, Walmart agreed to buy a 77% stake in Flipkart for $ 16 billion.

Flipkart Group CEO Binny Bansal has announced his resignation, effective immediately, following an independent investigation into an “allegation of serious personal misconduct,” Walmart said in a press release out Tuesday morning.

The release did not elaborate on the allegation but said Bansal “strongly denies” it.

See the rest of the story at Business Insider

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