Founder: Rajnikant Shroff
CEO: Jaidev Rajnikant Shroff
Founded: 1969
Large Cap Company, market cap: 35688.56 (Cr)
Website: www.upl-ltd.com
SECTOR: CHEMICALS
Why UPL share price decreased?
As we know chemical sector is hot sector at present for investment and UPL is leader of chemical sector in India and it is an Indian multinational company that manufactures and markets agrochemicals, industrial chemicals, chemical intermediates, and specialty chemicals, and also offers crop protection solutions.
UPL down by 13.53% in two days’ reason is, the company said KPMG resigned as the auditor of its Mauritius based subsidiary last week. The agrochemicals company, however, clarified that the resignation of the auditor was a part of the reorganization of the audit process. The auditor of the company is a very important person who has the right to ask a question to the management about books of accounts and financial frauds, so resignation of the auditor is a very bad thing but one more notable thing is this has happened in the subsidiary of UPL, but directly it’s related to parent company UPL LTD.
In its letter to UPL Corporation, KPMG Mauritius, said, “We hereby submit our resignation as auditors of UPL Corporation Limited with immediate effect. There are no circumstances connected with our resignation which we consider should be brought to the notice of the members,” KPMG said in its letter dated October 8 to the UPL subsidiary.
UPL Ltd Chart
UPL share price has broken very crucial supports, breakdown with high volume on last Friday 16-10-20 due to news of auditors resignation letter. and closed at the lowest point @ 466.95 on NSE and @ 467.10 on BSE. Next support found on @ 441.
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