Shares of Dabur India fell sharply by 9 per cent in early trade on Monday after one of its promoters Pradip Burman was named by the government in the affidavit related to black money case filed in the Supreme Court.
Reacting to this, Dabur India’s stock tumbled by 8.98 per cent to Rs.196.40 on the BSE.
On the NSE, it slumped by 8.94 per cent to Rs.196.55.
However, later the stock recovered some of the lost ground but was still trading 3.71 per cent lower at Rs.207.80 on the BSE at 1300 hours.
According to the latest shareholding pattern of Dabur, Pradip Burman, who is part of the promoter group, holds 0.02 per cent stake in the company.
Pradip Burman now holds no position in homegrowm FMCG major although he was once a whole-time director of Dabur India.
With Pradip Burman being named as an account holder in a foreign bank in the black money issue, Dabur India promoter family, Burmans today said the account complied with all legal requirements.
“We wish to state that this account was opened when he (Pradip) was an NRI, and was legally allowed to open this account,” a Dabur spokesperson said in a statement.
“The Burman family is committed to the highest standards of corporate governance, and encourage ethical behaviour at all levels,” the spokesperson added.
