The co-founder of Flipkart, the massive online retail operation in India acquired by Walmart this year, has stepped down as CEO following an allegation of serious personal misconduct.

Walmart, which in May purchased a $16 billion controlling stake in Flipkart Group — the largest single investment in its history — said Tuesday that an independent investigation done on behalf of both companies did not find evidence corroborating the allegation against Binny Bansal, but it did reveal lapses in judgment on his part.

Walmart cited “a lack of transparency, related to how Binny responded to the situation.”

Kalyan Krishnamurthy, who took over as CEO of Flipkart in 2017, will continue in that role.

Binny Bansal and Sachin Bansal — who are not related — founded Flipkart, India’s largest online retailer, in 2007.

Walmart believes India, which has more than 1 billion people, could be among the world’s top five e-commerce markets within the next five years. Flipkart appeals to its customers for numerous reasons, including its various payment options. The company focused early on mobile phones, and in 2016 became the first app in India to reach 50 million users.