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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 8.98 per cent to Rs 196.40 on the BSE.
On the NSE, it slumped 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 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.