Flipkart Group CEO and co-founder Binny Bansal on Tuesday resigned following a probe into an alleged "serious personal misconduct", the firm's new parent Walmart said. Bansal, 37, has strongly denied the allegation, the American retail giant said in a statement.

His decision to step down follows an independent probe done on behalf of Flipkart and Walmart, even though it "did not find evidence to corroborate the complainant's assertions against Binny", it said. While the statement did not provide details of the "personal misconduct" allegations against Bansal, sources indicated that the complainant was associated with Flipkart a few years ago and is now running her own venture. This, however, could not be independently ascertained.