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Dixon Technologies tumbled 8.87% to Rs 4,0060.70 after Directorate of Enforcement (ED) on Saturday, 29 April 2022, seized Rs 5551.27 crore of Xiaomi Technology India under the provisions of Foreign Exchange Management Act, 1999.
This large-cap stock has gained 123 per cent in the last one year and has risen 86 per cent since the beginning of this year.
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India boasts of a large swathe of companies exporting pharmaceuticals and software services to the U.S. and Europe.
"Post execution of mutually acceptable agreements by the parties, the JV company will be 60 per cent owned by Rexxam & 40 per cent owned by Dixon," said a statement from Dixon Technologies.