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UPL skids after reports of I-T raid at its premises

Shares of UPL slipped 1 per cent on Wednesday after ET NOW reported, citing sources, that the Income Tax Department conducted raids at the company’s offices and premises.

The taxmen suspect tax evasion and account manipulation by the company.

BSE has sought clarification from the company on the same and is awaiting a reply. At 11.39 am, the shares were quoting at Rs 572.50, down 0.89 per cent on the exchange.

Meanwhile, the biggest domestic investor Life Insurance Corporation has increased its shareholding in the company to 5.77 per cent in the December quarter, compared with 5.13 per cent at the end of September quarter, as per the data released on Tuesday. The insurer bought 48,98,000 shares of the company in the period.

Mutual funds and foreign portfolio investors, however, trimmed their stake in the company. Domestic fund managers brought their stake to 4.1 per cent from 4.31 per cent earlier. FPIs cut their stake to 43.50 per cent from 43.85 per cent at the end of September quarter.

In the last one year, the stock has gained 12.79 per cent, performing in line with Sensex that has given 13 per cent return in the same period.

Source: Economic Times