Mumbai, Oct. 16 -- Shares of UPL slumped as much as 9.40% on Friday after the company said KPMG resigned as the auditor of its Mauritius-based material arm UPL Corporation. The announcement was made after market hours yesterday.

At 01:40 pm, UPL was trading at Rs.469.20 apiece, down 7.36% from its previous close, while the benchmark Sensex advanced 0.66% to 39,988.83.

"In order to re-organize the Audit Process to improve Productivity, at the request of the Company, KPMG Mauritius has resigned as Statutory Auditors of UPL Corporation Limited, Mauritius. M/s. BSR & Co. LLP, Chartered Accountants, continues to carry out the audit of Group Consolidated Financials of UPL Ltd, India which includes UPL Corporation Ltd, Mauritius and its subsid...