Thursday, December 10, 2020 7:15 AM EST
Asked if any large shareholders have exited the company, Shroff said "I have not checked of late. UPL is a widely traded company. I believe there is a decent amount of buying."
UPL share price ended the day down by 11.3%.
Apart from UPL, market participants were also tracking cement stocks today.
Shares of cement companies were under pressure today, falling by up to 5% after the Competition Commission of India (CCI) raided cement companies on price cartelization allegations.
Shares of UltraTech Cement, Ambuja Cements, ACC, Ramco Cement, Star Cement, Orient Cement, Dalmia Bharat, JK Cement, and Birla Corporation fell in the range of 3-5% on the back of the above news.
Ambuja Cements and ACC in a regulatory filing said, the CCI has initiated an investigation against cement companies in India including Ambuja Cements and ACC regarding alleged anti-competitive behavior.
ACC said it is of the firm view that it has acted and continues to act in compliance with competition laws and is fully cooperating with the investigation and providing all necessary information to the authorities.
We will keep you updated on the latest developments in this space. Stay tuned.
Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...
more
Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.
less
How did you like this article? Let us know so we can better customize your reading experience.