UPL shares fall after China imposes anti-dumping duty on imports of Cypermethrin from India

Shares of UPL Ltd. fell 2% on Thursday, May 8, after China imposed levies on imports of the insecticide ‘cypermethrin’ from India, following a year-long investigation.

The same came into effect on Wednesday, May 7, 2025.

China’s ministry of commerce said it found India was dumping the compound into the Chinese economy and causing damage to Chinese companies.
The anti-dumping duties will be levied for five years and will range from 48.4% to 166.2%.

It has levied the highest — 166.2% anti-dumping duty — on UPL Ltd, followed by 62% each on Meghmani Organics Ltd, Bharat Rasayan Ltd and Heranba Industries

Ltd.

Among unlisted companies, it has levied 75.7% and 48.4% duties on Gharda Chemicals Ltd and Tagros Chemicals India Pvt Ltd, respectively. The Chinese Commerce Ministry also levied 166.2% duty on other (unspecified) Indian companies.

UPL Ltd. reported a net profit of ₹828 crore in the third quarter of the financial year 2025, in comparison to a net loss of ₹1,217 crore in the year-ago period. It revenue for the period increased by 10% to ₹10,907 crore, driven by 9% volume growth and 5% price growth. This was offset by forex issues, mainly in Brazil.

Its earnings before interest, tax, depreciation and amoritisation (EBITDA) stood at ₹2,162 crore from ₹416 crore in the previous year. Its margin expanded to 19.8% from 4.2% in the year-ago period.

UPL shares were trading 2.23% lower at ₹672.65 apiece at 12.30 pm. The stock has gained 34.25% this year, so far.

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