Flipkart CEO refutes Morgan Stanley report, says Walmart is here to stay

Flipkart on Tuesday vehemently refuted the claim of a Morgan Stanley report which said Walmart may exit its investment in Flipkart and the Indian market due to the negative impact of new rules for the e-commerce that came into force on February 1.

“The report couldn’t be further than the truth. Walmart remains extremely confident about the potential of the Indian market and in Flipkart’s ability to lead the e-commerce space,” Flipkart chief executive officer Kalyan Krishnamurthy said in an internal communication to its employees.

Business Standard has seen a copy of the email.