In other news, Bharti Walmart has suspended five people, including CFO Pankaj Madan, as part of an ongoing global investigation by the US retail giant against alleged corrupt practices, sources said. It is understood that more heads may roll as the investigation progresses in the coming days in the company, which has now decided to put a halt to opening new cash and carry wholesale stores in India pending the probe.

Confirming the suspension, a Bharti Walmart spokesperson said:" We are committed to conducting a complete and thorough investigation. It would be inappropriate for us to comment further until we have finished the investigation."