GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Walmart-Flipkart Deal: Traders to Launch 90-day Protest From September 15

Traders' body CAIT is opposed to US retail giant Walmart's proposed acquisition of 77 per cent stake in homegrown retailer Flipkart in a USD 16-billion deal.

PTI

Updated:September 5, 2018, 6:59 PM IST
facebookTwittergoogleskypewhatsapp
Walmart-Flipkart Deal: Traders to Launch 90-day Protest From September 15
A Network18 creative on Walmart buying 77 per cent stake in Flipkart.
Loading...
Mumbai: Traders' body CAIT Wednesday said it will launch a 90-day nationwide agitation against the USD 16-billion Walmart-Flipkart deal from September 15, starting from the national capital.

The association has also called for a 'Bharat Trade Bandh' on September 28.

"We are intensifying our opposition to the Walmart-Flipkart deal and foreign direct investment (FDI) in retail. We have called for a 'Bharat Trade Bandh' on 28th of this month on this issue and are launching a 90-day nationwide agitation from September 15, from Delhi," the Confederation of All India Traders (CAIT) said in a release.

CAIT is opposed to US retail giant Walmart's proposed acquisition of 77 per cent stake in homegrown retailer Flipkart in a USD 16-billion deal.

It had last month also filed a petition in National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India's decision to approve the deal.

Earlier, CAIT secretary general Praveen Khandelwal had alleged that the e-commerce market place has been vitiated to a great extent in past years by several leading e-commerce companies by indulging into malpractices including predatory pricing, deep discounting and loss funding.

Khandelwal had claimed that at a time when there is no policy for e-commerce, it would be a cake walk for Walmart to circumvent the FDI policy Press Note No 3 of 2016.

The commerce and industry ministry notifies FDI policies through press notes. Press Note 3, which was released in 2016, enlists guidelines for FDI in the e-commerce sector.

It also articulated that no discounting is allowed and that no inventory ownership directly or indirectly is allowed by e-commerce marketplaces.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
SBI 283.60 2.00
Sun Pharma 520.10 -7.41
HDFC Bank 1,957.75 1.56
Tata Steel 589.10 -0.02
ICICI Bank 366.60 1.58
Company Price Change %Gain
SBI 283.70 2.00
Ambuja Cements 211.15 2.60
Sun Pharma 520.35 -7.36
HUL 1,718.20 2.75
Ashok Leyland 106.60 -10.46
Top Gainers
Company Price Change %Gain
HPCL 243.70 4.68
BPCL 315.95 4.22
UPL 760.25 3.22
Maruti Suzuki 7,369.05 3.06
ONGC 161.00 2.88
Company Price Change %Gain
Maruti Suzuki 7,372.35 3.16
HUL 1,718.20 2.75
Asian Paints 1,319.90 2.73
ONGC 160.75 2.72
SBI 283.70 2.00
Top Losers
Company Price Change %Gain
Sun Pharma 520.10 -7.41
Tech Mahindra 700.25 -3.82
GAIL 352.55 -3.50
HCL Tech 997.10 -3.49
Kotak Mahindra 1,129.90 -3.09
Company Price Change %Gain
Sun Pharma 520.35 -7.36
Kotak Mahindra 1,129.55 -3.04
TCS 1,880.55 -2.85
M&M 770.40 -2.62
Infosys 653.45 -1.84

Live TV

Loading...
Loading...