You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

UPL tanks after resignation of auditor at Mauritius arm

Capital Market 

UPL slumped 7.17% to Rs 470.15 after KPMG resigned as the auditor with effect from 8 October 2020 for the company's material arm in Mauritius, UPL Corporation.

In order to re-organize the audit process to improve productivity, at the request of the company, KPMG Mauritius has resigned as statutory auditors of UPL Corporation, Mauritius.

"There are no circumstances connected with our resignation which we consider should be brought to the notice of the members," KPMG said in a statement.

BSR & Co. LLP, chartered accountants, continues to carry out the audit of group consolidated financials of UPL, India which includes UPL Corporation, Mauritius and its subsidiaries.

BSR & Co. LLP, a sub-licensee of KPMG in India, were appointed as statutory auditors of UPL in the annual general meeting held on 8 July 2017 for a period of five years to audit standalone and consolidated financial statements of the company.

Shares of UPL have lost 8% in two days. The company makes agrochemicals, industrial chemicals, chemical intermediates, and specialty chemicals, and also offers crop protection solutions. Its consolidated net profit surged 93.3% to Rs 551 crore in Q1 June 2020 compared with Rs 285 crore in Q1 June 2019.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, October 16 2020. 10:15 IST