An income tax (I-T) officer has conducted searches on multi-national agro-chemical manufacturer United Phosphorus Limited (UPL), acting on complaints of tax evasion.

A senior Income Tax official said that searches are currently on and details would be shared once the operation is complete.

"Searches are being conducted in Mumbai," the officer said.

UPL shares fell 2.52 per cent on the BSE on Wednesday to close at Rs 563.10 a piece.

The company led by its Global CEO Jai Shroff claims to be a leader in global food systems and one of the top five agricultural solutions companies worldwide. UPL has presence in 130 countries and a revenue of nearly $5 billion.

UPL offers an integrated portfolio of both patented and post-patent agricultural solutions for various arable and specialty crops, including biological, crop protection, seed treatment and post-harvest solutions covering the entire crop value chain.

Sources said some of the UPL directors, including promoters, are under investigation for suspected tax evasion.

"The enquiry is in progress," the official said.