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UPL stock tanks after auditor of Mauritius subsidiary steps down

The communication on Thursday said that the auditor of the UPL Corporation (UPL's Mauritius subsidiary), KPMG Mauritius, had resigned with effect from October 8, 2020

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The latest annual report noted that it had completed the integration of the $4.2 billion Arysta LifeScience acquisition ahead of schedule.

Agrochemical firm UPL’s shares fell 9.54 per cent intra-day on Friday, sparked by news of the resignation of the auditor at a key subsidiary. It recovered later and closed at Rs 467.75, down 7.66 per cent, after the firm clarified on the matter.  On Thursday, it was revealed that Mauritius subsidiary UPL Corporation’s auditor KPMG Mauritius had resigned with effect from October 8. It clarified on Friday that a KPMG sub-licencee continues to audit the parent company. It also included a note from the Mauritius auditor, which said that there was nothing about the ...