Flipkart's Binny Bansal steps down over 'personal misconduct' allegations

Bansal, who along with Sachin Bansal co-founded Flipkart, 'strongly denies the allegation', according to Walmart's statement

Flipkart co-founder and Group CEO Binny Bansal has resigned from the e-commerce major over an "allegation of serious personal misconduct",  an official release from Walmart, the firm's new parent company, said on Tuesday.   

"His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct. He strongly denies the allegation. Nevertheless, we had a responsibility to ensure the investigation was deliberate and thorough," Walmart's statement, available online, said. In May this year, Walmart acquired a 77 per cent stake in Flipkart with an investment of around $16 billion.

ALSO