UPL recovers a day after tumbling 11%; here is what brokerages say

A day after tumbling nearly 11 per cent on reports that a whistle-blower had alleged corporate governance lapses in the company and that its promoters had siphoned off funds, shares of UPL recovered a bit and rose as much as 4 per cent to Rs 456.40 in the intra-day deals on Friday.

In a clarification on the reports, the company said that this was an old matter and was reported to the audit committee in 2017. After an independent probe, the matter was closed, it said.

Further, in a statement to the stock exchanges, UPL denied that the whistle-blower was