UPL stock plunges 15% after report of whistleblower claim about siphoning of money

NEW DELHI: Agrochemical maker UPL (formerly United Phosphorous) shares as much as 15 per cent on Thursday following a report that its promoters had siphoned off money.
UPL Ltd emerged as one of the biggest losers at the exchanges after the Economic Times reported that a whistleblower claimed promoters of the company had siphoned off money.
On the BSE index, the stock touched an intraday low of Rs 416.05. On NSE, it slipped to Rs 416.10.
As per the report, the whistleblower alleged that the agrochemical maker entered into rent deals with a shell company owned by its employees.
Meanwhile, cement stocks ACC Ltd, Ambuja Cement and UltraTech Cement slid between 2.2 per cent and 3 per cent after fair trade regulator CCI initiated an investigation against them and other companies regarding alleged anti-competitive behaviour.
“The Competition Commission of India (CCI) has initiated an investigation against cement companies in India including ACC regarding alleged anti-competitive behaviour,” ACC Ltd said in a regulatory filing.
“The market is definitely heavily overbought and liquidity is the main reason. Markets will digest all negative news now, the second half of December could be more tricky than most people thought,” IIFL Securities director Sanjiv Bhasin told news agency Reuters.
Domestic indices (BSE sensex and NSE Nifty) slid from record highs and snapped seven sessions of gains.
Globally, Asian shares were also lower on uncertainty about US stimulus and after Britain’s medicine regulator issued an anaphylaxis warning on Pfizer’s vaccine after some adverse reactions.
(With inputs from agencies)

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