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Walmart Inc.'s Flipkart Group, an India-based e-commerce company, Inc. Tuesday Chief Executive Binny Bansal has resigned, effective immediately. The resignation comes after an independent investigation into allegations of "serious personal misconduct." The company said Bansal "strongly denies" the allegations. "While the investigation did not find evidence to corroborate the claimant 's claims against Binny, it was revealed to other lapses of judgment, particularly to a lack of transparency," "said Walmart and Flipkart said in a statement. "Because of this, we have accepted his decision to resign." Walmart had agreed in May to buy Softbank Group Corp.'s
9984, + 1.87%
stake in Flipkart for $ 16 billion. Walmart's stock fell 0.6% in premarket trade. It has soared 16% over the past three months Monday during the Dow Jones Industrial Average
DJIA, -2.32%
has gained 0.8%.
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