Walmart Agrees to Buy 77% Stake in India’s Flipkart for $16 Billion

Walmart Inc. said Wednesday it has agreed to take control of India’s largest e-commerce company, Flipkart Group, for $16 billion, betting that growth in the South Asian market will make up for the short-term losses from taking on the unprofitable startup.

Investors sent Walmart’s stock down about 3% on the day in an indication of skepticism about the cost of the deal and whether it can help the Bentonville, Ark.-based retailer counter Amazon.com Inc.’s push into India.

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