UPL is attempting a turnaround with a $400 million rights issue and a strategic backer after being excluded from the Nifty 50 due to market-cap issues. The company's stock is trading at 2017 levels amid challenges like sluggish demand, declining sales, and a heavy debt burden, which rose to ₹29,931 crore in FY24. Despite a slight easing in net debt, rising finance costs and a stretched working capital cycle continue to weigh heavily on its prospects.