The head of Flipkart Group, Binny
Bansal, has resigned following an internal probe into "serious personal
misconduct", US-based Walmart - the main shareholder of Flipkart
- said on Tuesday, and two people familiar with the matter said it involved an
accusation of sexual assault.
The departure of Mr Bansal, 37, one
of India's new generation of young, tech-savvy billionaires, is a setback for
Walmart's efforts to compete with Amazon.com Inc in the country's huge consumer
market.
In a letter sent to Flipkart
employees, which was seen by news agency Reuters, Mr Bansal did not give
details of the nature of the accusations, but said he strongly denied them and
that they were uncorroborated after an investigation completed by an
independent law firm.
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