Myntra's CEO Ananth Narayanan and CFO Dipanjan Basu have resigned from their positions, The Times of India reported, after Flipkart co-founder and CEO Binny Bansal quit on Tuesday.

Myntra was acquired by Flipkart in May 2014.

Walmart, which acquired a controlling stake of 77 percent in Flipkart, announced Bansal’s exit from the company on Tuesday on charges of grave ‘personal misconduct’.

After Bansal's exit, speculations clouded if Narayanan would also quit the company as he used to report to Bansal and did not share the best of relations with Kalyan Krishnamurthy, who currently serves as Flipkart CEO, said the report.

In an emailed statement to TOI, without denying the reports of Narayanan and Basu's exit, Krishnamurthy said, “The Flipkart group is committed to the success of Myntra and growing the business, now more than ever. The Myntra team has been doing innovative work to grow the company and create India’s leading online platforms for fashion and lifestyle. We want to empower the Myntra team to continue to operate independently to achieve even greater success.”

Additionally, there have been talks about Myntra's total workforce getting a significant cut, the report added.