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Dabur dips 3% as promoter named in black money case

Dabur dips 3% as promoter named in black money case
Shares of Dabur India ended with over 3 per cent loss 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. 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 on Monday 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 on Monday 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.

Meanwhile, shares of realty giant DLF slumped by 8 per cent on Monday, wiping out Rs 1,674.7 crore from its market value, on concerns that the company may face probe by the new government in Haryana. DLF's scrip plunged 7.84 per cent to settle at Rs 110.50 on the BSE. During the day, it tumbled 9 per cent to Rs 109.10. At the NSE, it slumped 8.30 per cent to close the day at Rs 110.

Led by the dip in the stock, the company's market value fell by Rs 1,674.7 crore to Rs 19,690.30 crore. DLF has a significant presence in Haryana and is credited with creation of India's largest township set up by a private player in Gurgaon on the outskirts of the national capital.

Shares of Jindal Steel & Power fell over 8 per cent on Monday, eroding Rs 1,198.42 crore from its market valuation, following reports that CBI has started fresh inquiry against unknown officials of the company for alleged diversion of forest land in Jharkhand for mining purposes. JSPL's stock tumbled 7.90 per cent to end the day at Rs 152.70 on the BSE. In intra-day, it was down 8.59 per cent to Rs 151.55.

At the NSE, the scrip was down 8.41 per cent to Rs 151.85. Following the loss in the stock, the company's market cap slipped Rs 1,198.42 crore to Rs 13,970.58 crore. In terms of volume, 10.62 lakh shares of the company changed hands at the BSE, while over 85 lakh shares were traded at the NSE during the day.

The CBI has started a fresh inquiry against unknown officials of Jindal Steel and Power Limited
for alleged diversion of forest land in Jharkhand for mining purpose in collusion with Environment Ministry officials. CBI sources had on Friday said the inquiry has been initiated against unknown officials of JSPL and Environment Ministry for alleged irregularities in diversion of Saranda forest land in Jharkhand between 2007-13.

They had said nearly 512.43 hectares of ecologically sensitive Saranda forest in West Singhbhum district of Jharkhand were diverted for Ghatkuri Iron Ore mining lease project in favour of JSPL.
PTI

PTI

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