Flipkart's Binny Bansal Quits As CEO After "Personal Misconduct" Probe | Read

Flipkart group CEO Binny Bansal resigned from the company on Tuesday, the e-commerce company and its parent Walmart said in a joint statement. The company accepted Mr Bansal's resignation, which takes effect immediately, the statement noted. "His decision follows an independent investigation done on behalf of the Flipkart and Walmart into an allegation of serious personal misconduct. He strongly denies the allegation," it noted. US-based Walmart earlier this year acquired a majority stake in Bengaluru-headquartered Flipkart in a $16-billion deal.