UPL has announced that the District Court in Delaware has substantially reduced the earlier October 2019 jury verdict of $31 million to $13 million by its judgement of November 30, 2020. The court has also vacated a number of jury's determination on key counts. This litigation relates to an ongoing intellectual property litigation regarding TruPick, a 1-MCP product launched by the post-harvest business of UPL in USA in 2016.
UPL has already made a provision for the full $31 million jury award in the FY 2019-20.
UPL is presently considering its options, including potential appeal of any judgment, that arises based on the adverse portions of the jury verdict that remain.
Shares of UPL Limited was last trading in BSE at Rs.433 as compared to the previous close of Rs. 417.5. The total number of shares traded during the day was 345908 in over 8108 trades.
The stock hit an intraday high of Rs. 434 and intraday low of 418. The net turnover during the day was Rs. 148418294.