United Phosphorus Ltd (UPL) share price plunged on Friday after KPMG, the auditor of company's material arm UPL Corporation resigned citing no reason. The stock fell as much as 9.5 percent to Rs 458.25. At 1:15 pm, the stock recovered slightly and traded 6.95 percent lower quoting at Rs 471.35 per share on the NSE.
The company's exchange filing said, “This is to inform you that the company has received the attached communication dated 14th October, 2020 from UPL Corporation Limited, Mauritius, a material subsidiary of the Company."
KPMG in its letter wrote, "There are no circumstances connected with our resignation which we consider should be brought to the notice of the members."
The company added that BSR & Co. LLP, Chartered Accountants, who were appointed as Statutory Auditors of the Company for the period of five years at the AGM held on July 8, 2017, continue to remain the Statutory Auditors of the Company, including for the consolidated financial statements of UPL, India.
BSR & Co. LLP is a sub-licensee of KPMG in India.
BSR will audit standalone and consolidated financial statements of the company, the filing added.