United Spirits (USL) saw its shares fall as much as 6 per cent on Monday after a court ordered the annulment of the sale of the spirits maker to British group Diageo.
Karnataka
High Court had on Friday ordered the cancellation of the sale in response to a petition by creditors of United Breweries Holdings (UBHL), which sold its stake in USL to the liquor giant through a complicated share transaction.
Reacting to the news,
shares of USL were trading 2.64 per cent lower at Rs 2600 in noon trade on the Bombay Stock Exchange. On the National Stock Exchange, USL shares were down 2.7 per cent at Rs 2598.20.
UBHL shares, after falling as much as 9.1 per cent, recovered to trade 3.44 per cent higher at Rs 25.55 on BSE. At the same time, the shares were trading 3.03 per cent higher at Rs 25.50 on NSE.
With inputs from ReutersDisclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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