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UPL Share falls: Here’s what you need to know December 12 2020UPL,UPL shares,NSE, BSE, SENSEX

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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.

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