The Largest producer of agrochemical in
India UPL''s shares dropped on Thursday with a drop of 15 percent after a
whistleblower claimed that the money was syphoned off by the promoter. Sensex
was down 0.69 percent at 45,785.95
An intraday low of Rs 416.05 affected
UPL stock, dropping to 15.49 percent on BSE. At Rs 479.90, the market opened
with a loss of 2.52 percent against the previous close of Rs 492.30.
UPL shares are trading below moving
averages of 5 days, 20 days, 50 days, 100 days and 200 days. In one year, the
share has lost 23 percent and decreased by 26.64 percent since the beginning of
this year. The proportion fell 12.87 percent or Rs 63.35 to Rs 429 on BSE at 1:
30 pm. FIIs decreased their holdings from 40.56 percent in the September
quarter to 37.15 percent. In the September quarter, mutual funds increased
their holdings from 4.54 percent to 5.2 percent. The promoter holding, however,
remained stagnant at 27.88 percent as of the quarter of September 2020.
A whistle-blower alleged that
promoters of the company had syphoned off money. UPL CEO Jai Shroff, in a
clarification to the media said that the company''s board had not received
any whistle-blower complaint. The whistle-blower, who was listed as a member of
the board, claimed that UPL entered into lease deals with a shell company owned
by its employees and paid crores as rent for property owned by them.
All this resulted into the firm''s
market cap drop to Rs 32.777 crore.