NEW DELHI: Agrochemical maker UPL (previously United Phosphorous) shares fell greater than 15 per cent on Thursday following a report that its promoters had siphoned off cash.
UPL Ltd emerged as one of many greatest losers on the exchanges after the Financial Instances reported {that a} whistleblower claimed promoters of the corporate had siphoned off cash.
On the BSE index, the inventory touched an intraday low of Rs 416.05. On NSE, it slipped to Rs 416.10.
As per the report, the whistleblower alleged that the agrochemical maker entered into lease offers with a shell firm owned by its staff.
In the meantime, cement shares ACC Ltd, Ambuja Cement and UltraTech Cement slid between 2.2 per cent and three per cent after honest commerce regulator CCI initiated an investigation towards them and different firms concerning alleged anti-competitive behaviour.
“The Competitors Fee of India (CCI) has initiated an investigation towards cement firms in India together with ACC concerning alleged anti-competitive behaviour,” ACC Ltd stated in a regulatory submitting.
“The market is unquestionably closely overbought and liquidity is the primary purpose. Markets will digest all destructive information now, the second half of December may very well be extra difficult than most individuals thought,” IIFL Securities director Sanjiv Bhasin advised information company Reuters.
Home indices (BSE sensex and NSE Nifty) slid from report highs and snapped seven periods of positive aspects.
Globally, Asian shares have been additionally decrease on uncertainty about US stimulus and after Britain’s drugs regulator issued an anaphylaxis warning on Pfizer’s vaccine after some adversarial reactions.
(With inputs from companies)
UPL Ltd emerged as one of many greatest losers on the exchanges after the Financial Instances reported {that a} whistleblower claimed promoters of the corporate had siphoned off cash.
On the BSE index, the inventory touched an intraday low of Rs 416.05. On NSE, it slipped to Rs 416.10.
As per the report, the whistleblower alleged that the agrochemical maker entered into lease offers with a shell firm owned by its staff.
In the meantime, cement shares ACC Ltd, Ambuja Cement and UltraTech Cement slid between 2.2 per cent and three per cent after honest commerce regulator CCI initiated an investigation towards them and different firms concerning alleged anti-competitive behaviour.
“The Competitors Fee of India (CCI) has initiated an investigation towards cement firms in India together with ACC concerning alleged anti-competitive behaviour,” ACC Ltd stated in a regulatory submitting.
“The market is unquestionably closely overbought and liquidity is the primary purpose. Markets will digest all destructive information now, the second half of December may very well be extra difficult than most individuals thought,” IIFL Securities director Sanjiv Bhasin advised information company Reuters.
Home indices (BSE sensex and NSE Nifty) slid from report highs and snapped seven periods of positive aspects.
Globally, Asian shares have been additionally decrease on uncertainty about US stimulus and after Britain’s drugs regulator issued an anaphylaxis warning on Pfizer’s vaccine after some adversarial reactions.
(With inputs from companies)