UPL declined 1.84% to Rs 567 after the media reported that Income tax Department conducted searches at the company's offices and premises.
According to media reports, the taxmen suspect tax evasion and account manipulation by the company. The BSE has sought clarification from UPL on the same and is awaiting a reply.UPL has declined 11.25% in last six months as compared to a 7% rise in benchmark Nifty 50 index.
UPL provides crop protection solutions. The firm is engaged in the business of agrochemicals, industrial chemicals, chemical intermediates and specialty chemicals. The company's segments include agro activity and non-agro activity.
UPL's consolidated net profit fell 59.4% to Rs 126 crore on 83.6% surge in net sales to Rs 7,817 crore in Q2 September 2019 over Q2 September 2018.
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