In one of the largest e-commerce deal in the world Walmart Inc WMThas picked up 77% stake in the largest online retailer in India Flipkart. This includes an investment of $2 billion as Walmart is looking to take on Amazon AMZNin the Indian market. Flipkart has been valued at $22 billion. The US market responded negatively to this news as Walmart shares dropped by 4% on May 9 and its market capitalization stood at $242 billion.
(read: Wal-Mart ETFs to Buy on Blockbuster Q3 Results)Walmart Acquires 77% in Flipkart: ETFs in Focus
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