Shares of UPL Ltd slumped 4% on Thursday, 8 May, after China levied tariffs on Indian imports of the pesticide ‘cypermethrin’ following a year-long probe. The same went into effect on Wednesday, 7 May, 2025.

China’s commerce ministry said it discovered India was dumping the substance into the Chinese market, causing damage to Chinese businesses. The anti-dumping duties will be levied for five years, with rates ranging from 48.4% to 166.2%.

It imposed the largest anti-dumping charge on UPL Ltd, at 166.2%, followed by 62% on Meghmani Organics Ltd, Bharat Rasayan Ltd, and Heranba Industries Ltd.

It imposed charges on Gharda Chemicals Ltd and Tagros Chemicals India Pvt Ltd, both unlisted entities, at 75.7% and 48.4%, respectively. The Chinese Commerce Ministry also imposed a 166.2% levy on other (unspecified) Indian enterprises.

UPL Ltd. reported a net profit of Rs 828 crore in the third quarter of the fiscal year 2025, compared to a loss of Rs 1,217 crore in the previous period.  During the time, revenue climbed by 10% to Rs 10,907 crore, with 9% volume growth and a 5% pricing rise. This was mitigated by forex concerns, primarily in Brazil.

The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) increased to Rs 2,162 crore from Rs 416 crore the previous year. Its margin increased to 19.8% from 4.2% a year ago.

At 3.08 pm, UPL shares were trading at Rs 659.70 per share, down 4.11%.

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