Shares of UPL slipped sharply in early trade on Monday, extending recent volatility in the agrochemicals space as investors digested a sweeping corporate restructuring plan unveiled by the company.

The stock was down around 12%, sliding toward mid-Rs 600 levels on the Bombay Stock Exchange after the market opened, underscoring fresh concerns on Dalal Street about the path ahead.

The trigger for the sell-off was UPL’s approval of a complex reorganisational scheme that will consolidate its domestic and international crop protection operations into a new entity, even as the original listed company transitions into a diversified agriculture and specialty chemicals platform.

The board’s plans involve multiple mergers and…