Mauritius Treaty fallout:Companies with most exposure to p-notes

Participarty-notes (p-note) are back in the spotlight after India amended its tax treaty with Mauritius two days ago. CNBC-TV18 analysed the top p-note operators on Dalal Street to find out which company has the most exposure. Findings reveal Indiabulls Housing Finance (IHF) and Bharti Infratel are topping the list.IHF has huge investments form p-notes. About 10 percent of total market cap of the the company is held by p-notes valued at over Rs 3,000 crore.Bharti Infratel has over Rs 1600 crore in investments from p-notes. IndusInd Bank has investments of over Rs 932 crore from p-notes. L&T Finance has investments coming from Mauritius-based company which are valued at Rs 738 crore.Titan has about Rs 415 crore coming from p-notes.