Flipkart has denied the reports that claimed Walmart is looking to exit from the e-commerce firm, reported Business Standard.

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According to the report, Flipkart chief executive officer Kalyan Krishnamurthy refuted the claim in an email sent to the employees, a copy of which is with BS.

“The report couldn’t be further than the truth. Walmart remains extremely confident about the potential of the Indian market and in Flipkart’s ability to lead the e-commerce space,” the CEO said, as reported by the paper.

A report by Morgan Stanley earlier said that Walmart may consider walking away from India due to the rise in cost in conducting business in India after the emergence of new regulations. “An exit is likely not completely out of the question with the India e-commerce market becoming more complicated,” the report said.

The US retail giant had bought 77 percent stake in Flipkart for $16 billion last May.