Sensex Ends 144 Points Lower; FMCG Stocks Outperform

As per a leading financial daily, Mrs Bectors Food Specialities shares were seen trading at Rs 418 in the grey market, a premium of 45% over the issue price of Rs 288 apiece.

SBI Capital Markets, ICICI Securities and IIFL Securities are the book running lead managers to the issue.

How the above IPO sails through remains to be seen. Meanwhile, we will keep you updated on the latest developments in this space.

Speaking of IPOs, in one of his videos, Vijay Bhambwani shares his thoughts on the recent spate of IPOs and what it means for the market.

UPL Tanks 15% on Whistleblower Complaint; CEO Denies Allegation

Moving on to stock-specific news...

UPL was among the top buzzing stocks today.

Shares of UPL, India's largest pesticide company, plunged as much as 15% today after a whistleblower alleged that the company's promoters siphoned off money.

According to an ET Prime report, a whistleblower has alleged that UPL entered into rent deals with a shell company owned by UPL employees.

The report further added that UPL paid crores in rent for properties owned by the shell company, previously owned by UPL chief executive officer Jaidev Shroff.

The report also stated that the whistleblower is a board member and has provided documents to corroborate their claims.

Further, the report said there were certain corporate governance issues with regard to the transactions done by the UPL promoters. The issues were also raised in the past at the company's board and to its former auditor SRBC & Co.

Responding to the above, the UPL management clarified that there was no related party issue as far as its transactions are concerned.

In an exclusive interview, Shroff said the whistleblower's complaint was put to rest in 2017 only. It was fully disclosed and the audit committee at that time had given a clean chit to the company.

Shroff said he believed there was a systematic malicious campaign to spoil the reputation of his family and UPL.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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