Mumbai, Nov. 8 -- When UPL Ltd announced the $4.2 billion Arysta LifeScience Inc. acquisition last year, investors cheered the move as the purchase was expected to catapult the company into the big league. The acquisition was debt funded. Benefits from the combined reach and integration are projected to pay-up for the incremental debt in a stipulated time, making the acquisition earnings accretive for investors.

One year down the line, the plan is under threat. The stock slumped 7% on Thursday after the September quarter results showed a sharp slowdown in the agro-chemicals company's key business markets. Revenues in Europe and India grew a mere 1-6%. Sales in North America and rest of the world dropped in the range of 1-4%. The only reg...