Flipkart Group CEO Binny Bansal resigns after misconduct probe

(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)