Walmart loses $10 bn market cap after $16 bn Flipkart buyout
The market capitalisation of US retail giant Walmart fell by $10 billion after it announced a $16-billion deal to acquire a controlling stake in Indian e-commerce giant Flipkart. Walmart's shares were down by over 5% bringing down its value to $252 billion. Interestingly, the valuation of Flipkart nearly doubled to $21 billion after Walmart's buyout.