UPL dips 9% post resignation of auditors of material arm based in Mauritius

The company informed that M/s. KPMG, Mauritius has resigned as the auditor of UPL Corporation Limited w.e.f. 8th October, 2020, it said.

Shares of UPL slipped 9 per cent to Rs 458.85 on the BSE in the early morning trade on Friday after KPMG resigned as the auditor with effect from October 8 for the company’s material arm in Mauritius - UPL Corporation, in order to re-organise the Audit Process to improve productivity, at the request of the company.

“This is to inform you that the company has received the attached communication dated 14th October, 2020 from UPL Corporation Limited, Mauritius, a material subsidiary of the Company,” UPL said in an exchange filing on Thursday after market hours.

As per the said communication, M/s.