The shares of one of India’s largest FMCG firms plummeted 2.5 percent in early Wednesday trade, a day after the chairman and director were named in the FIR relating to the Mahadev app betting scam.
On Wednesday, On the National Stock Exchange, At 1:20 p.m., Dabur India Ltd shares were trading at Rs 526.05 per share, down 0.76 percent from the previous close price of Rs 530.10 per share.
As per the reports, on November 14, Dabur Group chairman Mohit V Burman and Director Gaurav V Burman were named, along with 32 others in the FIR of the ongoing Mahadev betting app case lodged by the Mumbai Police
According to the report, the complaint was filed on the direction of the 30th Kurla court under Indian Penal Code sections 420 (cheating), 120-B (conspiracy), IT Act (for cyber-terrorism), and the Gambling Act.
Dabur India Ltd’s revenue has risen by 7.2 percent yearly, from Rs 2,986 crore in Q2FY23 to Rs 3,203 crore in Q2FY24. In the same time frame, the company’s net profit increased by 3, from Rs 491 crore to Rs 506 crore.
In the recent financial year, the company reported a Net profit margin of 14.76 percent and an operating margin of 19.93 percent.
According to the latest shareholding pattern, the company promoter holds a 66.23 percent stake, Foreign institutional investors hold 18.37 percent, and retail investors hold a 5.47 percent stake in the firm.
Dabur India Ltd is India’s fourth largest FMCG company, which caters to the health care, personal care & food segment. The company’s product range includes health care products they have brands like Hajmola, Pudin Hara, Dabur Chyawanprash, Glucose D, Dabur Lal tail, etc.
Written by Omkar Chitnis
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