Why did UPL crack so sharply on Friday?

UPL slipped 9% on Friday after KPMG resigned as the auditor for the company’s arm in Mauritius. That has not gone down well with the markets which has always been very touchy about corporate governance issues. It is being spoken as an attempted reorganization to improve productivity.

However, the statutory auditors BSR & Co will continued to be auditors. There was also a huge spurt in volumes.