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 majors 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 Tuesdays closing level.
At Tuesdays closing price of $85.74 per share, Walmart had a market capitalisation of little over $253 billion.