As of 11:19 am, UPL shares traded 2.27 per cent higher at Rs 448.
United Phosphorous Limited (UPL) shares rebounded on the back of a spike in trading volumes on Friday, a day after falling 11 per cent following a report that its promoters siphoned off money, a claim the agrochemical firm rejected. The UPL stock rose as much as 4 per cent to Rs 456.40 apiece on the BSE on Friday. More than 12 lakh UPL shares changed hands on the BSE compared with a daily average of 7.61 lakh over the past two weeks. (Track UPL Shares)
On Thursday, UPL shares had tanked following a report by ET Prime quoting a whistleblower as alleging that the company s promoters siphoned off money. Denying the report, the company said in a regulatory filing to stock exchanges: There is a sustained campaign to malign the image of the company and the group.