The sudden announcement came as a massive blow for the employees of India’s biggest online shopping site, Flipkart, and perhaps even to the public who have been their loyal customers for years. Bansal, 37, who was appointed as the CEO of Flipkart just a year ago, and is also the co-founder of the giant company resolved to step down from the position on Tuesday and left the company conjointly, after years of working with them. The relation between Bansal, Flipkart and Walmart took an awkward turn after the accusation of his past personal misconduct was brought to light recently in the month of July. However, Bansal has firmly denied the allegation and deemed the statement as entirely false. He further declared that the allegations made against him was repulsive and thus left him stunned.
The allegation was reported a few years ago by a former associate of the company who chooses to remain anonymous and affirmed to be the victim of the severe personal misconduct performed by Binny Bansal. According to sources, the past allegation was brought to light once again just hours before signing the massive $16 billion deal between Walmart and Flipkart. Following the scandalous headlines, the company made an official statement on account of Bansal, stating that he has played an important role in Flipkart since the co-founding of the company but has decisively made a choice to step down from the position of CEO in consideration of affecting the company because of him. However, the company did not address the allegations made against Bansal. Walmart also expressed their concern for the company of being negatively distracted because of the recent events. Considered as one of the biggest and famous international markets, Walmart underwent an episode of embarrassment as the market shares fell 1% in New York.
According to the statement made by a source, the investigation on the sexual assault against Binny Bansal could not provide any proof on the allegations despite in-depth research, but clearly left a transparency on his part. Soon after stepping down from the position and leaving the company, Bansal sent out a personal announcement to the employees of the company through an email that, he would continue to hold his substantial stake in Flipkart and would still remain a member of its board. Kalyan Krishnamurthy, who was previously the chief of the Flipkart division, has reportedly taken over the position of Binny Bansal as the new CEO of Flipkart. Flipkart will now cover Myntra and Jabong and will continue to operate as separate platforms within the business.