Walmart's (WMT) fashion business, Myntra Designs, has breached Indian laws prohibiting foreign wholesalers from selling to consumers, Reuters reported Wednesday, citing an investigation by India's financial crime agency.
Myntra said it was a wholesaler and received $192 million of foreign investment, but then sold most of its products to an entity that retailed those items to consumers, India's Enforcement Directorate reportedly said as part of an investigation's findings.
Myntra did not receive documents related to the investigation from the authorities but is "fully committed" to cooperate and to uphold "all applicable laws," the company told Reuters in a statement.
Walmart, Myntra and India's Enforcement Directorate did not immediately respond to MT Newswires' request for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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