New York, Jan 22, 2026, 17:27 (EST) — After-hours
Walmart Inc shares slipped 1.3% to $117.83 in after-hours trading Thursday following an updated PhonePe IPO filing. The retailer, which owns roughly 72% of the Indian payments firm, plans to sell nearly 46 million shares, cutting its stake by about 12%. Tiger Global and Microsoft are also set to exit, according to the filing. PhonePe expects to go public by mid-2026 but won’t issue new shares, so it won’t raise fresh capital from this sale. 1
The stake sale matters because it sets a fresh valuation benchmark for one of Walmart’s largest offshore assets. It comes as investors debate what counts as core retail, what falls under “tech,” and what’s just a long-term gamble.
The timing feels off. Last week, Walmart revamped its senior leadership just before John Furner steps in as CEO on Feb. 1. Furner remarked, “Even the best teams need the right structure to win.” 2
In a separate case, a federal jury in Maryland ruled Walmart negligent for selling a shotgun that was later used in a suicide. The family was awarded roughly $2.5 million in economic damages and $8 million in non-economic damages, which typically cover pain and suffering. Walmart expressed sympathy for the family and reaffirmed its commitment to responsible firearms sales. The family’s attorney argued the evidence clearly showed the sale should have been blocked. 3
Walmart slid while Wall Street closed on a high note after President Donald Trump dropped tariff threats against European allies. The Dow gained 0.63%, the S&P 500 rose 0.55%, and the Nasdaq climbed 0.91%. Retail rivals showed varied moves: Amazon jumped 1.3%, Target edged up 0.4%, but Costco fell 0.7%. 4
PhonePe’s IPO is set up as an offer-for-sale, so the proceeds go straight to existing shareholders, not the company itself. For Walmart, this offers a clearer snapshot of value—and underscores that part of its balance-sheet strength lies beyond its U.S. stores.
Traders are closely tracking how fast the PhonePe IPO progresses from filing to pricing, and if it shifts the market’s view on Walmart’s stake in India. The bigger question: is this just a minor trim, or the beginning of a broader sell-off?
The math remains complicated. PhonePe’s timeline stretches months ahead and might adjust depending on market shifts, while the Maryland award faces potential changes through appeals and state-imposed limits.
With cash markets closed, all eyes turn to Friday’s session. Will buyers shrug off the move as noise or use it as a signal to trim risk before the leadership shift?
Walmart’s fiscal fourth-quarter results are set for release on Feb. 19. Earnings details will hit around 6 a.m. CT, followed by a conference call at 7 a.m. CT. 5
