"Emaar Properties PJSC (EMAAR) dropped the most since April after its Indian joint venture received notice of a 86 billion-rupee ($1.5 billion) fine for violating foreign exchange rules.
The shares fell 1.7 percent to 5.79 dirhams at the close in Dubai, trimming this year’s advance to 54 percent. Over 39 million shares were traded, more than twice the three-month daily average, according to data compiled by Bloomberg. Emaar has the highest weighting on Dubai’s benchmark index, which gained 0.2 percent.
Emaar MGF Land Ltd. (EMGF), a joint venture with MGF Land Development Ltd and builder of Delhi’s Commonwealth Games Village, has been served with a show-cause notice by the country’s Enforcement Directorate, according to Times of India. The Delhi-based company could face a total penalty in excess of 250 billion rupees for allegedly violating the Foreign Exchange Management Act by diverting foreign direct investment to buy agricultural land, the paper said."
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