BUZZ-India’s UPL denies report of promoters siphoning money, shares shed some losses

(Recasts with company response, updates share move)

** Shares of agrochemical maker recover some losses after co denies report of promoters siphoning off money

** A whistleblower alleges co entered into rent deals with a shell co and paid crores, and shell entities were used to carry out other illegal transactions – Economic Times report here

** Stock, which tumbled ~15.53% to 416.10 rupees earlier in the session, down ~11% at 439.70 rupees at 0929 GMT

** UPL in a statement said there has been no siphoning of funds and there is no new complaint against it

** Confirms that all transactions in question were on arms-length basis, denies the whistleblower is a member of the board

** UPL biggest loser on Nifty 50, cooling the index’s 7-day rally

** UPL down ~15.72% YTD vs 11.18% rise in (Reporting by Vibhuti Sharma in Bengaluru)

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