November 13, 2018 / 11:45 AM / a month ago

Flipkart Group CEO Binny Bansal resigns after misconduct probe

Nov 13 (Reuters) - Chief Executive Officer and co-founder of Walmart-owned Indian e-commerce firm Flipkart Group, Binny Bansal, has resigned effective immediately, Walmart Inc said in a regulatory filing on Tuesday.

“His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct,” Walmart said in a statement, adding that Bansal has strongly denied the allegations.

Walmart bought a roughly 77 percent stake in the Indian e-commerce firm in May.

Reporting by Nivedita Balu in Bengaluru; Editing by Arun Koyyur

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