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UPL shares plunge to 52-week low after disappointing Q3 results; Analysts downgrade stock

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Upl Shares Plunge To 52 Week Low After Disappointing Q3 Results; Analysts Downgrade Stock

Shares of UPL, the agrochemical major, witnessed a sharp decline, plunging to a 52-week low in response to the disappointing Q3 results. The stock price of UPL, a producer of sustainable agriculture goods and solutions, opened at Rs 507 on Monday’s session and touched an intraday low of Rs 482. It closed the day down by 9%, trading at a three-year low.

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The company reported a consolidated loss of Rs 1,217 crore for the December 2023 quarter, compared to a net profit of Rs 1,087 crore in the same quarter of the previous fiscal year. This significant decline in earnings has led to several brokerages downgrading the stock.

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Rajesh Bhosale, an Equity Technical and Derivative Analyst at Mint, expressed his view on the situation, stating, ‘UPL has been an underperforming stock, and post-results, we are witnessing further weakness. We expect the stock to face further decline with Rs 450 as the next support level and Rs 510 acting as resistance.’

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The disappointing Q3 results have prompted concerns among investors and analysts alike. The stock has been underperforming for some time, and the weak earnings further affected investor confidence. As a result, many brokerages have downgraded UPL’s stock.

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Despite the decline, UPL remains committed to producing sustainable agricultural goods and solutions. However, the company’s financial performance needs improvement to regain investor trust.

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UPL shares experienced a significant drop after the disappointing Q3 results. Analysts have downgraded the stock, and investors are concerned about the company’s financial performance. UPL will need to address its challenges and rebuild investor confidence in order to recover.

Rachel Adams

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