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UPL tanks after resignation of auditor at Mauritius arm

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.

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