DLF, Indiabulls, Apollo Tyres fall on Panama tax documents

Shares of DLF, Indiabulls group firms and Apollo Tyres on Monday plunged by up to 4 percent on reports of leaked documents naming their promoters having associations with firms in tax havens.

PTI| Last Updated: Apr 04, 2016, 14:30 PM IST
DLF, Indiabulls, Apollo Tyres fall on Panama tax documents

Mumbai: Shares of DLF, Indiabulls group firms and Apollo Tyres on Monday plunged by up to 4 percent on reports of leaked documents naming their promoters having associations with firms in tax havens.

Shares of Apollo Tyres declined by as much as 3.01 percent to a low of Rs 169.15 on BSE.

DLF shares dropped by 2.85 percent to the day's low of Rs 117.40.

The scrip of Indiabulls Housing Finance fell by 3.61 to touch the day's low of Rs 622.05. Further, Indiabulls Real Estate dived 2.85 percent to Rs 56.15 and Indiabulls Wholesale Services was down 3.93 percent to Rs 14.41.

The decline in shares came after Indian Express, based on leaked documents of Panama law firm Mossack Fonseca, reported that over 500 Indians including some well known names figure in the list of persons having association with firms in tax havens.

Among the 500 Indians, DLF owner K P Singh and nine members of his family, promoters of Apollo Tyres, Indiabulls' Sameer Gehlaut and Gautam Adani's elder brother Vinod Adani names were there.

Meanwhile, the BSE benchmark Sensex was trading at 25,303.27 points up 0.13 percent from the previous close.