News digest: Walmart bags Flipkart, Trump's sanctions, Tax notice, and more

Flipkart's valuation at $20.8 billion is a 75 per cent increase over its previous valuation in the range of $11-12 billion last August

1. Walmart buys 77 per cent stake in Flipkart for $16 billion

US retail giant Walmart has signed a definitive agreement to acquire a 77 per cent stake in India’s largest e-commerce marketplace Flipkart with an investment of around $16 billion, making it the largest transaction in history of the online retail space globally.

The deal, which wiped away $10 billion of Walmart’s market capitalisation as investors reacted negatively in early morning trade on the New York Stock Exchange, stands out for several exits. The biggest was Sachin Bansal selling his entire 5.96 per cent stake for $1.23 billion and parting ways