UPL is right among the top three losers on the BSE since the opening bell. The stock, which had closed at Rs.506.45 yesterday, opened lower at Rs.492.80 and went down further to Rs.458.85. Its 10% LC for the day is at Rs.455.85.
The market is reacting to the news of its auditor, KPMG resigning w.e.f 8th Oct.
KPMG stated, “There are no circumstances connected with our resignation which we consider should be brought to the notice of the members.”
BSR & Co. LLP, Chartered Accountants, who were appointed as Statutory Auditors of the Company for the period of five years at the AGM held on 8 th July 2017, continue to remain the Statutory Auditors of the Company, including for the Consolidated Financial Statements of UPL. BSR & Co. LLP is a sub-licensee of KPMG in India.
The company said, “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 Limited, Mauritius.”
Our Editor, Mr.SP Tulsian does not see this as a cause for worry and has given a buy call.