UPL Shares Tumble 8% After Restructuring Plans; Nuvama Downgrades Stock

On February 23, 2026, UPL Ltd, one of India’s leading agrochemical firms, saw its shares tumble sharply. The decline followed the announcement of a sweeping corporate restructuring, coupled with a downgrade from brokerage house Nuvama Institutional Equities. The combination of these factors created uncertainty among investors, especially regarding the company’s debt levels and execution capabilities.