Rivals lose $11 bn as Amazon plans to cut Whole Foods prices
Amazon on Thursday announced its plan to lower Whole Foods' prices, and offer Amazon Prime members a discount on the grocery chain's products. The news slashed $11 billion (over â¹70,400 crore) off the market value of five grocery store chains. In total, the market capitalisations of the five chains, which include Kroger and Walmart, fell to $324.6 billion on Thursday.