Dabur falls 3% after Burman named in black money related case

Shares of Dabur India ended with over 3 per cent loss today 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.
The FMCG major's scrip ended 3.06 per cent lower at Rs 209.20 on the BSE. During the day, it lost 8.98 per cent to Rs 196.40.
At the NSE, it slipped 3.36 per cent to end at Rs 208.60.
Tracking weakness in the stock, the company's market value plunged Rs 1,158.92 crore to Rs 36,743.08 crore.
On the volume front, 16.26 lakh shares of the company changed hands at the BSE, while over 99 lakh shares were traded at the NSE during the day.

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.

The Centre today disclosed before the Supreme Court eight more names, including that of Pradip Burman, one of Dabur India promoters for allegedly stashing black money in foreign banks.
Pradip Burman currently holds no position in the 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.