Dabur India down on reports of director's asset seizure

The share price of Dabur India suffered a setback in Tuesday ’s trading as reports surfaced that assets worth Rs 21 crore have been seized from Pradip Burman, the director of the company.  
  
According to the reports, the Enforcement Directorate has seized Burman’s assets worth Rs 21 crore, in lieu of assets held abroad under Section 37A of Foreign Exchange Management Act, 199 (FEMA). The reports further added that Burman is accused of not disclosing his earnings worth USD 32,12,000 in his income tax returns filed in India for 2007-08 and prima facie he had deposited the amount in his HSBC account in Zurich.          
  
The stock declined by over 1.5 per cent to its intra-day low of Rs 366.20 on the BSE on Tuesday. However, the stock recovered in the closing hours to its intra-day high of Rs 375.50. The stock ended at Rs 374.95, up by 0.71 per cent on the BSE.  
  
The stock had recorded its 52-week high of Rs 382.30 on May 2, 2018 and its 52-week low of Rs 265.05 on May 25, 2017 on the BSE. 
  
Indian benchmark indices S&P BSE Sensex closed at 34,651.24 level, up by 0.10 per cent, and NSE Nifty 50 ended at 10,536.70 level, up by 0.19 per cent on Tuesday.