Flipkart Group's Chief Executive Officer (CEO), Binny Bansal, quit his position after allegations of "serious personal misconduct," despite he having denied the allegation, as per Walmart Inc's press statement.

"His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct," Walmart said. "He strongly denies the allegation. Nevertheless, we had a responsibility to ensure the investigation was deliberate and thorough."

The company further said that it "did not find evidence to corroborate the complainant's assertions against Bansal, it did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation. Because of this, we have accepted his decision to resign."

The details of the allegations against Bansal were not revealed. Kalyan Krishnamurthy (CEO of Flipkart) will replace him as the CEO of Flipkart Group, which includes Flipkart, Myntra and Jabong, the statement said.

Binny Bansal's resignation will mean the exit of co-founders from e-commerce giant. Sachin Bansal had exited the company earlier this year and sold his stake to Walmart.