UPL Shares Plunge After Auditor Of Subsidiary Resigns

Shares in UPL fell as much as 7 per cent, after the auditor of its subsidiary resigned.

" In order to re-organize the Audit Process to improve Productivity, at the request of the Company, KPMG Mauritius has resigned as Statutory Auditors of UPL Corporation Limited, Mauritius.

M/s. BSR & Co. LLP, Chartered Accountants, continues to carry out the audit of Group Consolidated Financials of UPL Ltd, India which includes UPL Corporation Ltd, Mauritius and its subsidiaries. M/s. BSR & Co. LLP is a sub-licensee of KPMG in India," the company said in an exchange filing.

The resigning auditor has clarified that there were no circumstances connected with their resignation which is consider should be brought to the notice of the members.

Shares of UPL were last trading at Rs 475, down 6.6 per cent over the previous close.