Jeff Bezos  CEO of Amazon was arrived in India on Tuesday, according to twitter. As thousands of small traders across 300 cities planned protest, claiming the firm is distorting the local retail market. Many of the e-commerce magnate, who is on a three-day visit, will attend a company event in New Delhi and is also likely to meet senior government officials, media reported. Ashok Kumar Gupta Antitrust Cheif of India said big e-commerce companies in India should not offer deep discounts which can potentially hurt and small scale brick and mortar retailers in India. Hundreds and thousands of small brick and mortar retailers, led by the Confederation of All India Traders (CAIT), have planned a countrywide protest against the company.
Also, CAIT has accused Amazon and Walmart owned Flipkart of violating India’s foreign investment rules. The companies have denied the allegations.
Read EquityPandit’s Nifty Outlook for the Week