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Walmart shares tumble over 4%, market cap falls nearly $10 billion

India May 16(IM): Walmart shares slumped more than 4% in the morning trade on Wednesday wiping off nearly $10 billion from its market capitalisation, hours after the retail giant announced $16 billion worth Flipkart deal.

The shares took a beating amid concerns that the deal could impact profits of Walmart. The American retail major’s shares fell over 4% on the New York Stock Exchange at around $82.13 apiece.

At this level, the market capitalisation was more than $242 billion, which is way lower than Tuesday’s closing level.

At Tuesday’s closing price of $85.74 per share, Walmart had a market capitalisation of little over $253 billion.

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