Binny Bansal, the Chief Executive Officer and co-founder of Indian e-commerce giant Flipkart has resigned with immediate effect, Walmart Inc said in a regulatory filing today.

Talking about the reason for this resignation, a Walmart spokesperson said: “Binny’s decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct… He strongly denies the allegation. Nevertheless, we had a responsibility to ensure the investigation was deliberate and thorough.”

Also Read: 10 Rare Images That Show The Amazing Flipkart Journey

Bansal has strongly denied the allegations and after Bibby, Kalyan Krishnamurthy, who heads the company’s main Flipkart e-commerce operation, would act as the new CEO for a broader group of businesses including apparel websites Myntra and Jabong

Note that, Walmart had bought around 77 percent stake for $16 billion in the Indian e-commerce firm in May and this made Sachin Bansal leave the company as he wasn’t happy with a foreign company taking over Flipkart’s business. “Sadly my work here is done and after 10 years, it’s time to hand over the baton and move on from Flipkart. But I will be watching and cheering from the outside,” Sachin Bansal had written in his farewell message. After the exit of Binny, Flipkart will never be the same.