UPL tanks 15% on whistleblower complaint; BSE seeks clarification

According to reports, the whistleblower has alleged that UPL entered into rent deals with the shell company owned by its employees. UPL has denied these allegations.

Shares of UPL slipped 15 per cent to Rs 416 on the BSE in intra-day trade on Thursday, on heavy volumes, following a media report that stated whistleblower claims the company’s promoters siphoned off money. 

Clarifying on the news report, UPL has said that the company believes that there is a sustained campaign to malign its image and the group and it is important that the correct picture is presented to all its stakeholders as the news report seems to create an unseemly controversy about corporate governance at UPL.

UPL denies the whistleblower is a member of the