The CEO of the Indian e-commerce giant that Walmart bought a $16 billion stake in has resigned amid allegations of personal misconduct

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Binny BansalAPFlipkart CEO Binny Bansal has resigned.

Flipkart CEO Binny Bansal has announced his resignation, effective immediately, following an independent investigation into an "allegation of serious personal misconduct," Walmart said in a press release out Tuesday morning. Bansal strongly denies the allegations.

The investigation, which was conducted on behalf of both Flipkart and Walmart, did not find evidence corroborating the accusers claims but did however find Bansal to have made lapses in judgment, the release said.

In August, Walmart acquired a 77% stake in Flipkart for $16 billion in an effort to keep pace with Amazon in India.

This story is developing...

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