Shares of UPL Ltd are in focus, dipping nearly 8% to trade at Rs 692 apiece after the company organised a restructuring plan last week.

Nuvama Institutional Equities has downgraded UPL Ltd to “Hold” from “Buy,” citing unresolved leverage concerns and dilution following the company’s proposed restructuring. The brokerage has revised its 12-month target price to Rs 816 per share.

This  follows UPL’s announcement of a composite scheme to consolidate its global crop protection operations into a newly structured entity, UPL Global, which will be separately listed. The move combines UPL SAS and UPL Corp into a unified…