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UPL Ltd.
UPL Ltd.

UPL shares slump 15% on report of whistleblower claim about siphoning off money

  • UPL CEO Jai Shroff, in a clarification to CNBC-TV18, said the company’s board had not received any whistleblower complaint

MUMBAI: Shares of UPL Ltd slipped nearly 15% after The Economic Times reported on Thursday that a whistleblower claimed promoters of the company had siphoned off money.

The stock fell as much as 14.95% to hit a low of 418.55 a share. At 10.15 am, the scrip was at Rs427 on the BSE, down 13.24% from its previous close.

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UPL CEO Jai Shroff, in a clarification to CNBC-TV18, said the company’s board had not received any whistleblower complaint. “There was a complaint from my estranged wife in 2016 about the residence that I live in and the matter was put to rest in 2017," said Shroff.

ET report said UPL entered into rent deals with a shell company owned by its employees and paid crores of rupees in rent for properties held by the latter, which was earlier owned by UPL chief Shroff himself.

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