Dabur shares fall 9% after Pradip Burman named in black money case

Dabur company's logo

Mumbai, Oct 27: Shares of Dabur India fell sharply by 9 per cent in early trade 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 on Monday.

Reacting to this, Dabur India’s stock tumbled 8.98 per cent to Rs 196.40 on the BSE.

On the NSE, it slumped 8.94 per cent to Rs 196.55.

The government in its affidavit submitted before the Supreme Court revealed the names of Pradip Burman, former Executive Director of Dabur group, along with Pankaj Chimanlal Lodhiya, a Rajkot based bullion trader and Radha S Timbola, a Goa based miner for having black money accounts in foreign banks.

The Dabur Group denied any wrongdoing by its former executive director Pradip Burman through a statement.

The statement defending Pradip Burman said: “We wish to state that this account was opened when he was an NRI, and was legally allowed to open this account. We have followed all the laws and the complete details regarding the account have been voluntarily, and as per law, filed with the Income Tax Department, and appropriate taxes paid, wherever applicable. Therefore, it is unfortunate that every person having a foreign bank account is being painted with the same brush.”

(With Agency Inputs)

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