Walmart fires 56 India executives including 8 from senior management

Walmart has laid off 56 of its India executives as it restructures business in the country. Walmart is looking for ways to operate more efficiently, which requires it to review its corporate structure "to ensure that we are organized in the right way", said Krish Iyer, president and CEO of the US-based retail major's India unit. The fired executives include eight senior management officials, he added. The development comes 18 months after the world's largest retailer completed the acquisition of Flipkart to become the largest shareholder in the Indian e-commerce firm in a $16-billion deal.