UPL stock tanks after auditor of Mauritius subsidiary steps down

Resignations have previously resulted in significant declines when investors have seen them as a negative signal on companies’ financials. “It is strange that an auditor of a large material subsidiary resigns mid-term without ascribing any reasons… The company should communicate the reasons that led to this resignation to the shareholders,” said Shriram Subramanian, founder and managing director of InGovern Research Services, which advises on corporate governance issues.